Reclaim mis-sold PPI on behalf of a deceased relative - time is running out
Many people do not realise that they can reclaim mis-sold Payment Protection Insurance (PPI) on behalf of a deceased relative, and that there is an urgency to do so before the 29 August 2019 deadline. PPI is the insurance sold alongside credit cards, loans and other finance agreements to ensure payments are made if the borrower is unable to make them due to sickness or unemployment.
The PPI financial scandal has been hard to avoid in recent years with countless claim management companies persistently bombarding consumers with tv advertising and direct mail to both doorsteps and telephones. Banks and other financial services providers mis-sold payment protection insurance to millions of consumers between 1990 and 2010. According to a report by consumer champion Which? a staggering £31.9billion has already been paid out in compensation. However, with the deadline for claims looming, they reported that 90% of people didn’t know that you can seek compensation for loved ones who have died.
Finding out if a claim can be made is simple and free. There are easy-to-use online tools for checking and claiming PPI or you can contact the financial provider directly. Further information is available on the Financial Conduct Authority website. Claim management companies can be used and usually work on a no-win, no-fee basis, but the disadvantage is that they will take a substantial percentage of the money claimed.
If you are dealing with a loved one’s estate and think a claim could be made, check with the relevant provider as soon as possible. You must allow 8 weeks for the PPI check to be completed, and then if it is confirmed and you are unhappy with how it was sold, you can proceed to make a complaint. If you haven’t complained to the provider by 29 August 2019, you won’t be able to claim money back, so you should make your decision as soon as possible.
Samantha Taylor specialises in probate and estate administration. If you would like legal help with the management of someone’s estate, or put your own plans in place for the future, please call 01225 485700 or email firstname.lastname@example.org