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mjr001

made redundant need advice please

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i have been working for a constuction company now for a while and i was made redundant on the 30th june,

i have 2 credit cards with quite big balances,

i have payment protection on both which i have been paying since the word go.

they have sent me a claim form to be filled in by me, my previous employer and the job centre.

 

my question is this,

i am thinking of going self employed doing building work but i am unsure about what sort of income i can get per month at the present time.

 

should i run around getting people to fill in the PPI claim form, or ask for reduced payments on the cards and tell them i am going self employed (i assume the PPI will only pay up when i am unemployed anyway)

 

i have never been unemployed for over a week since i left school and never claimed on PPI or missed payments on my cards ever.

i dont fancy being another number on the dole and just want to work.

it seems a lot of trouble getting the PPI form filled in just to go self employed.

help please

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Hi mjr001, i am also in the construction industry, and i am self employed, the probability is that when you become self employed the PPI will not cover you, and if you dont know what sort of income you are going to have, then you should probably go ahead with claiming the PPI for now, and see how it goes with the self employment.

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the thing is i need to register as self employed for a job at the start of august( i need a UTR number for my tax) to give to the contractor, this job only lasts a couple of weeks but i still need the UTR number, which is why i was wondering if the PPI was really worth claiming or just ask for reduced payments

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I personally would fill the forms out and send them back there is nothing to say you can't still register for self employment you are at least entitled to something unless your PPI does not cover the first 6 weeks, some policies don't cover for the first few weeks mainly because they expect you will get employment during that time. Most companies dont give PPI if you go self employed. My son went self employed things turned pear shaped and the PPI was useless.

You could also cancel it and claim it back saying you weren't told that it did not cover self employment.

DG


I have no legal training my knowledge comes from my personal life experiences

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You could claim the PPI whilst you are unemployed, then when you are working again ask for reduced payments due to reduced income, how old are the debts ?.

Edited by blueda
Typo

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both the cards are about 8-10 years old

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Chances are that the agreements might not be enforceable.

It may be worth the £1 PO to each of them with the CCA request just to see what they have.

DG


I have no legal training my knowledge comes from my personal life experiences

Please help keep the forum alive by making a donation

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yes i did think of that but i bank with the same company that the cards are with, would i be able to open a new bank account just been made redundant ?

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Yes you can open a new bank account.

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PPI policies are always fraught with problems. Be it as previously mentioned 'time delays' before payments will commence. Many have a 90 day wait in the case of redundancy and then when you read further you see payments only lasts for the first 12 months. Sadly one seldom reads the small print before accepting their terms and of course their aim is extract monies and delay payments.

Michael


When I was young I thought that money was the most important thing in life; now that I am old I know that it is. (Oscar Wilde)

--I like to be helpful wherever possible however I'm not qualified in this field. I do consider carefully anything important (normally from personal experience) however please understand that any actions taken are at your own risk--

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yes i did think of that but i bank with the same company that the cards are with, would i be able to open a new bank account just been made redundant ?

 

If the Halifax isn't linked to your existing bank ie Lloyds TSB is with Halifax then the Halifax has a basic account which you can apply for on line it gives you a debit card which you can use in the shops or at the ATM and you can set up DD in the account, it does not give you an overdraft, cheque book or card. There are other banks which have very basic accounts which you can open on line but always make sure that it is not associated with your existing bank.

DG


I have no legal training my knowledge comes from my personal life experiences

Please help keep the forum alive by making a donation

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