[VB.Net] Pong

[Quasar6]

The collision is being detected, you're just not acting on it, see:

If ball.Location.X < playerPaddle.Right And ball.Location.X > playerPaddle.Left Then
    'Checks that the balls Y position is within the top/bottom edges of the paddle
    If ball.Location.Y < playerPaddle.Bottom And ball.Location.Y > playerPaddle.Top Then
        'A collision has occured... but we're not doing anything here!
 
        'TODO: Need to add some code to run for when the playerPaddle interacts with the ball
    End If
End If

It looks like you missed step 7.