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PPI Self Employed

Payment protection insurance can only be sold under very specific guidelines and if those boundaries are crossed it is then deemed to be mis sold cover. This means that the person who purchased the cover, knowingly or unknowingly, is entitled to file payment protection claims against the lender who mis sold the policy.

Purpose of Payment Protection Insurance

The actual purpose for having payment protection insurance is to provide cover in the event that a policyholder loses his or her job and is unable to make payments on loans. It is another term for loan insurance and there are a great number of conditions and/or exclusions which must be taken into account prior to selling this cover to any borrower. If the borrower would not be eligible to draw benefits from the policy then they should not be sold the cover. This boils down to the fact that PPI is simply in place to replace lost wages in the event that the borrower loses a job or becomes too ill to work. That should be cut and dry, but it's not quite that simple!

PPI Self Employed Cover

The way PPI is set up, to make payments when wages are lost, mandates that the policyholder be employed by some person or business other than himself/herself. PPI cover cannot be sold to someone who is self employed. The reason for this is that the PPI self employed policyholder could simply say there was no work avaliable even if perhaps there was. This rule is in place to protect the insurance company. However, in breaking this rule, lenders have violated the rights of the self employed person! Knowing that there would be no cover, the self employed person is then paying for something that is of no use.

PPI Services When Filing a Claim

After having established that payment protection was a mis sold self employed policy that should never have been issued, the borrower can file a claim against the lender. It would be possible to file directly with the lender or it would also be possible to hire professional PPI services to file the claim for you. In either case, the point is that the borrower who had PPI cover mis represented is eligible to file a claim against the lender and if needed can hire PPI services to act on his/her behalf.

If you feel that you are the victim of mis sold PPI self employed cover, since there is no such thing, contact the claims team at Belmont Thornton to help you get started on your claim today. You can either fill out a brief contact form online or you can call the claims helpline at 0207 471 2000 to speak with a member of the claims team.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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