Cancel PaymentShield the easy way

Overview

PaymentShield is a UK-based general insurance provider founded in 1992 that offers mortgage protection, home insurance and income protection products distributed through brokers and advisers. PaymentShield is part of THE ARDONAGH GROUP LTD and operates for intermediated distribution to financial professionals.

Products and distribution

Core products include Mortgage Protection (accident, sickness and unemployment cover), Home Insurance (standard and Plus) and previously Income Protection. PaymentShield sells via advisers and brokers rather than direct retail only. For product details see Mortgage Protection and Home Insurance.

Company facts

Phone cancellation

1. Call 0345 6011 050.
2. Provide your policy number, full name and date of birth.
3. Ask the agent to confirm the policy end date and any refund due.
4. Request a reference number and ask for a confirmation email or post.

Email cancellation

1. Send an email to [email protected] from the address on the policy or include proof of identity.
2. Include policy number, full name, date of birth and clear instruction: "Cancel my policy from [date]".
3. Keep your sent email and await a written reply confirming the cancellation and refund details.

Post cancellation

1. Write a signed letter including policy number, full name, date of birth and statement: "I instruct PaymentShield to cancel my policy from [date]".
2. Send by Royal Mail tracked or as a registered letter to Paymentshield Customer Services Team, Paymentshield Limited, PO Box 229, Southport PR9 9WU.
3. Keep proof of postage and expect a reply within 10 business days.

Cancel via adviser or broker

1. Contact your broker or advising organisation and ask them to cancel on your behalf using the contact on the policy certificate.
2. Ask for a written confirmation from your broker showing the cancellation date and any refund processed.

Online account / portal

PaymentShield does not publish a public self-service cancellation portal; for digital account queries refer to your adviser or the policy certificate. For policy booklets and terms see the official product documents.

Cooling-off period (14 days)

Rule: Customers have a minimum 14-day cooling-off period to cancel for a refund. The 14 days start from the day the policy is sold or from receipt of full terms and conditions, whichever is later. Refund: full refund of premiums paid minus any charge for the period covered during temporary cover. Proof required: policy number and proof of purchase or policy documents. Legal basis: Consumer Contracts Regulations 2013.

Income insurance special rule (30 days)

Rule: For income insurance PaymentShield provides a 30-day cooling-off period from the policy start date or receipt of documents, whichever is later. Refund: full refund of monthly premium if cancelled within 30 days provided no claim has been made. Proof required: policy number and date of purchase. Legal basis: Consumer Contracts Regulations 2013.

Cancellation after cooling-off

Rule: If cancelling after the cooling-off period, PaymentShield may give a pro-rata refund for many policies except where terms state no refund after claims. For landlords insurance a pro-rata refund applies minus a deduction for the time covered and any stated cancellation charge in the Statement of Price. Proof required: policy certificate and claim history. Legal basis: Consumer Rights Act 2015.

Cancellation for price increase

Rule: If PaymentShield increases your premium at renewal you may have a right to cancel; provide the renewal notice showing the increase. Proof required: renewal notice. Legal basis: Consumer Contracts Regulations 2013 and CMA guidance on auto-renewal fairness.

Death of the policyholder

Rule: PaymentShield accepts cancellation requests on death of the subscriber. Proof required: death certificate and policy number. Legal basis: statutory common law and insurer procedure; follow PaymentShield claims and administration instructions in your policy booklet.

Legitimate grounds (misrepresentation or non-performance)

Rule: If PaymentShield has mis-sold or failed to perform services with reasonable care and skill you can complain and seek rescission or refund. Proof required: copies of correspondence, policy documents and any evidence of misrepresentation. Legal basis: Consumer Rights Act 2015.

Before you cancel: negotiate

Retention options reported: research shows customers sometimes receive help and account adjustments from PaymentShield when they contact customer services, including product switches via their adviser and assistance when adjusting cover. PaymentShield does not publish standard retention discounts. How to ask: call 0345 6011 050 or email [email protected], explain your reason for leaving, ask for a discounted premium or alternative cover and request any offer in writing. If sold through a broker ask your broker to negotiate on your behalf.

What cancelling saves you - example calculation

Example based on PaymentShield Mortgage Protection sample price: PaymentShield lists Mortgage Protection from £5.05 for every £100 of monthly benefit. Example protecting a £620 monthly repayment: monthly cost = (620 / 100) x £5.05 = £31.31. Yearly cost = £31.31 x 12 = £375.72. Calculation shown: 6.20 x £5.05 = £31.31; £31.31 x 12 = £375.72 per year.

Cheapest real alternative

Competitor 3XD lists Mortgage Payment Protection from £2.06 per £100 of cover monthly and from £24.72 per £100 annually. Using the same £620 example: monthly = (620 / 100) x £2.06 = £12.77; yearly = £12.77 x 12 = £153.24. Calculation shown: 6.20 x £2.06 = £12.77; £12.77 x 12 = £153.24 per year. Savings if you switch from PaymentShield example to 3XD example: £375.72 - £153.24 = £222.48 per year.

Other competitor price points

National Friendly lists Mortgage Friendly Shield from £9.90 per month or £118.80 per year for some simple covers. Use an adviser to confirm the correct equivalent cover terms before switching.

Key UK laws and regulators

Consumer protections: Consumer Contracts Regulations 2013 gives a 14-day cooling-off right for most off-premises or online contracts. Consumer Rights Act 2015 requires services to be performed with reasonable care and skill and restricts unfair contract terms. Regulator: PaymentShield is authorised by the Financial Conduct Authority (FCA). If a dispute cannot be resolved you can escalate to the Financial Ombudsman Service (FOS).

How to escalate a complaint

Step 1: Complain to PaymentShield in writing - use [email protected] or post to the Customer Services Team (PO Box 229, Southport PR9 9WU) and include policy number and desired remedy. Step 2: If PaymentShield does not resolve the issue within 8 weeks, or you are unhappy with their final response, refer to the Financial Ombudsman Service. Step 3: For card payments consider a Section 75 claim with your card issuer or a chargeback if eligible.

Cooling-off and refunds

Cooling-off: the 14-day period applies under Consumer Contracts Regulations 2013 for most policies sold off-premises; for income insurance PaymentShield offers a 30-day cooling-off period. Refunds within cooling-off: full refund minus any charge for cover for the period you were insured; where a claim has been made no refund is payable. If PaymentShield cancels for reasons such as non-payment or misrepresentation a pro-rata return of premium will apply unless a claim has been made.

Check final billing and refunds

After cancellation you should receive written confirmation specifying the cancellation date and any refund. If you do not receive confirmation within 10 business days follow up by email to [email protected] or call 0345 6011 050. Keep proof of your cancellation request (call reference, sent email or proof of postage).

Access to documents and data

Request a copy of your policy file and any correspondence if you anticipate a future dispute. PaymentShield holds policy records; ask for copies by emailing [email protected] or through your adviser.

Reinstatement or replacement cover

If you want to re-activate or buy replacement cover contact an adviser or broker. Note: PaymentShield states Income Protection is not currently available to new customers and replacement cover availability may depend on underwriting and your claims history. Check product status on the official website or through your broker.

Use this checklist to complete your cancellation and protect your rights.

• Locate your policy number and policy certificate.
• Decide cancellation method: Phone (0345 6011 050), Email ([email protected]) or Post (PO Box 229, Southport PR9 9WU).
• If calling, request a reference number and confirmation email.
• If posting, send a signed letter and keep proof of posting.
• Retain all written confirmations and any refund calculation.
• If within 14 days (30 days for income insurance), request a cooling-off refund in writing.
• If you disagree with the response, escalate to Financial Ombudsman Service after 8 weeks or on receipt of an unsatisfactory final response.
• Compare replacement quotes - example competing price 3XD from £2.06 per £100 monthly or National Friendly from £9.90 per month.