It’s unlikely you haven’t heard about the banking industry’s blockbuster Payment Protection Insurance (PPI) scandal. If your family member took out a mortgage, credit card or cash loan between 1990 and 2010, it’s likely they were mis-sold PPI. If this is the case and your relative has since died, you might be wondering if you can make a PPI claim on the deceased’s behalf.
When a parent or spouse dies, one of the routine tasks left to the next of kin is to tie up any loose ends in their estate and finance. This often includes handling the deceased’s debt. Many parents and spouses choose to take out insurance policies, including PPI, to protect their children and partners from unexpected debt in the event that they pass away.
However, if this policy was mis-sold — for example, if the individual was not aware that they were sold the insurance — then you can make a claim on their behalf. Plenty of children have claimed PPI for their deceased parents, as well as wives who have claimed PPI for their deceased husbands.
What Exactly Is PPI?
PPI, or Payment Protection Insurance, was an insurance policy introduced to cover the repayment of a loan in the case a consumer could not make repayments due to death, illness or unemployment. In its early days, PPI was sold ethically, but its profitability led to banks and financial lenders getting greedy.
PPI has now become one of the biggest financial scandals to have ever hit the UK banking industry. Between 1990 to 2010, over 63 million PPI policies were sold, many of which were mis-sold to consumers. The result is that, from 2011, the banks have paid consumers billions in PPI refunds.
How to Claim PPI for a Deceased Person
Since the PPI scandal started over 30 years ago, it is to be expected that some of those mis-sold PPI on their mortgage, credit cards or cash loans have since died.
The executor of the estate can claim PPI on their behalf. First, you need to gather all relevant financial paperwork, including proof that you are the deceased’s estate executor. Then you can approach the deceased’s bank or credit lender to lodge your complaint.
We Can Help Make PPI Claims for Deceased Relatives
Making a PPI claim on the behalf of the deceased is fairly straightforward, but can be tedious, time-consuming and stressful. If you do not have the relevant paperwork that proves that PPI was mis-sold, you may experience more back and forth with the bank to gather the right paperwork. Making a PPI claim for the deceased will also take longer than a traditional claim. Many who want a smooth, easy and quick process opt to use the services of a PPI claims management company.
At Canary Claims, we have experience of making PPI claims for the deceased. The process of handling a deceased relative’s estate can be stressful, but we can help. All we require is some basic information and paperwork, if you have it, in order to start a claim.
At Canary Claims, we operate a no-win, no-fee policy; [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. The fee would be based on the work done at the time of cancelling at a rate of £120 per hour and up to a maximum total of £180] so you will only pay if your claim is successful. We charge low fees of just 15 + VAT (18% total). Start your claim with us today.