Cancel Payment Shield the easy way

Overview

Paymentshield is a UK-based insurance distributor that sells a range of protection and home products including mortgage protection, income protection and home insurance. The company is authorised and regulated by the Financial Conduct Authority and operates via broker and partner distribution.

Products and role

Paymentshield underwrites or arranges cover such as mortgage protection that pays a monthly benefit if you are unable to work, and home insurance that covers buildings and contents. Product booklets and terms list specific cover limits and exclusions.

Company facts

For product details see the official mortgage protection page https://www.paymentshield.co.uk/types-of-cover/mortgage-protection and home insurance booklet policy booklet 2024.

Phone

1. Call 0345 601 1050.
2. Give your full name, policy number and date of birth.
3. State clearly: "I want to cancel my Paymentshield policy" and the reason for cancellation.
4. Ask for a cancellation reference or written confirmation; if the agent does not provide one, request an email confirmation to [email protected].
5. Keep the call time and name of the agent for your records.

Email

1. Compose an email to [email protected] with subject: "Cancellation request - [policy number]".
2. Include full name, policy number, postal address and a statement: "Please cancel my policy effective immediately" and your signature at the end of the message.
3. Request a written acknowledgement and a breakdown of any refund due.

Post

1. Write a signed letter addressed to Payment Shield, 100 Old Hall Street, L3 9QJ Liverpool, United Kingdom or to the Customer Services PO Box (see policy booklet) with your policy number.
2. Include your full contact details and the effective cancellation date you request.
3. Send by recorded delivery and retain the receipt as proof of sending.

Help centre / Online

1. Visit the Paymentshield help and policy pages to confirm product-specific steps and contact details. Refer to policy booklets for applicable cooling-off rules: income policy booklet.
2. If contacting via a broker or intermediary, ask the broker to cancel on your behalf and to supply written acknowledgement.

Cooling-off period

Exact rule - Paymentshield policy documents state a minimum 14 day cooling-off period from the date of sale or date full terms are received; for some policies the cooling-off period is 30 days from the start date or receipt of policy documents. If you cancel within the cooling-off period you are entitled to a full refund unless a claim has been made.

Required proof documents - proof of purchase date or policy documents, and bank details for refund.

Applicable law - Consumer Contracts Regulations 2013 (14 day right to cancel where applicable).

Cancellation after the cooling-off period

Exact rule - For annual policies cancelled after the cooling-off period Paymentshield may provide a refund for unused months of cover; for some products no return of premium is available if cancelled after 30 days. If Paymentshield cancels the policy a pro-rata return of premium will be provided.

Required proof documents - written cancellation request and policy number. If paying by instalments any refund may be offset against money owed for cover provided.

Applicable law - Contract terms and insurer policy booklet; Consumer Rights Act 2015 applies to unfair contract terms.

Claim made during cooling-off

Exact rule - No full refund will be given during the cooling-off period if a claim has already been made under the policy.

Required proof documents - claim reference and claim file details.

Applicable law - Policy terms as set out in the product booklet.

Non-payment and instalments

Exact rule - If you miss an instalment Paymentshield may instruct the insurer to cancel the insurance; any refund may be offset against money owed and you remain liable for time on risk or other charges.

Required proof documents - payment records and communication about missed payments.

Applicable law - Contract terms and Financial Conduct Authority oversight.

Death of the policyholder

Exact rule - Specific policy booklets do not publish an explicit Paymentshield rule in the publicly available documents provided in research. Contact Customer Services and supply a copy of the death certificate and the executor details. Paymentshield product terms note different handling for claims and refunds and the insurer must be informed.

Required proof documents - death certificate and proof of authority (executor letter).

Applicable law - Not a specific statutory deadline in the publicly available docs; standard claims process and bereavement handling applies. If unresolved, escalate to the Financial Ombudsman Service.

Price increase

Exact rule - Public documents provided in research do not include a specific unilateral price increase cancellation right. If your premium increases substantially review your policy paperwork and contact Customer Services to ask for cancellation or price review.

Required proof documents - notice of price increase and your existing policy documents.

Applicable law - Consumer Rights Act 2015 and CMA guidance on clear contract terms and unfair auto-renewal practices.

Before cancelling: negotiate

Retention offers - Research does not show a published retention offer table for Paymentshield. Trustpilot testimonials describe helpful agents who resolved cancellation and premium questions, but no standard retention discount is publicly documented.

How to ask - Call 0345 601 1050 and say: "I want to cancel my policy but would like to hear any options to keep cover at a lower cost." Provide the agent with your target monthly price and ask for direct debit alternatives or changes to cover. If you contact by email use the same request and ask for written confirmation of any offer.

What cancelling saves you

Concrete example using published Paymentshield mortgage protection pricing: Paymentshield charges £5.05 for every £100 of monthly benefit.

Example A - target monthly benefit £500: calculation: £5.05 per £100 x 5 = £25.25 per month. Annual cost = £25.25 x 12 = £303.00 per year.

Example B - target monthly benefit £1,000: calculation: £5.05 per £100 x 10 = £50.50 per month. Annual cost = £50.50 x 12 = £606.00 per year.

Example C - target monthly benefit £250: calculation: £5.05 per £100 x 2.5 = £12.625 per month. Rounded billing example = £12.63 per month. Annual cost = £12.63 x 12 = £151.56 per year.

Cheapest real alternative - Research did not supply a verified competitor price or a verifiable cheapest alternative. To compare, request written quotes from other insurers and use the annual cost examples above to compare like for like.

Regulator and consumer law

Paymentshield is authorised and regulated by the Financial Conduct Authority. Check registration on the Financial Services Register at the FCA. The Consumer Rights Act 2015 requires services to be performed with reasonable care and skill and limits the enforceability of unfair contract terms.

Cooling-off and cancellation rights

The Consumer Contracts Regulations 2013 provide a 14 day cooling-off period for many contracts concluded off-premises or online; Paymentshield product documents confirm a minimum 14 day cooling-off period and for some products 30 days from the start date or receipt of policy documents. If you cancel in the cooling-off period you are normally entitled to a full refund unless you have made a claim.

Escalation steps

First complain to Paymentshield Customer Services. If your complaint is not resolved within 8 weeks or you are dissatisfied with the outcome you may refer the dispute to the Financial Ombudsman Service. If Paymentshield or the insurer cannot meet obligations you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS).

Payment card protection

If you paid by credit card and the payment qualifies under Section 75 of the Consumer Credit Act you can contact your card issuer for a Section 75 claim. For debit card or other card payments consider a chargeback request via your bank.

Confirm and keep evidence

Ask for written confirmation of cancellation and any refund amount, and keep copies of email replies, recorded delivery receipts or call notes that include agent name and timestamp.

Final billing and refunds

If you cancelled within the cooling-off period you are normally entitled to a full refund unless a claim has been made. For annual policies cancelled after the cooling-off period Paymentshield may refund unused months; some products have no return of premium after 30 days. Provide bank details for refunds if requested.

Data and documents

Save your policy documents and any claim correspondence for at least 6 years, or longer if you expect a claim. If you want Paymentshield to delete personal data, request this in writing; they will respond under data protection rules.

Re-activation or replacement cover

If you want to reinstate cover contact Customer Services and ask for re-activation options. If you are switching to another insurer, get a start date that leaves no gap in required cover.

Use the checklist below to cancel Paymentshield and protect your rights.

• Find your policy number and policy documents.
• Decide cancellation method: Phone 0345 601 1050, email [email protected], or send a signed letter to 100 Old Hall Street, L3 9QJ Liverpool.
• If cancelling in the cooling-off period (14 or 30 days), state this clearly and request a full refund in writing.
• Record call details: date, time, agent name and any reference number.
• Send written confirmation and keep copies of email or recorded delivery receipts.
• If you expect a refund, provide bank details securely only when requested by Paymentshield.
• If unresolved after 8 weeks, prepare a complaint to the Financial Ombudsman Service and keep all evidence.