PPI claim WARNING: Can you claim on behalf of late relative? Deadline just one month away

30 Jul 2019

Express

Share on XTweet

PPI claim WARNING Can you claim on behalf of late relative Deadline just one month away

PPI, or Payment Protection Insurance, has been repaid to some people who were found to have been mis-sold the product in the past.

The deadline for seeking the compensation is fast-approaching, prompting a warning to be issued.

Payment Protection Insurance (PPI) is an insurance product which covers monthly debt repayments should a person be unable to work. However, after it was found to have been mis-sold to consumers in some cases, those affected may be able to claim their money back. So far, £35.3 billion worth of PPI has been repaid in the UK, according to the Financial Conduct Authority (FCA). Now, the deadline is looming - with this falling in one month’s time, on August 29, 2019

However, it’s not just those who paid for the mis-sold PPI who may seek to submit a claim.

It may be possible for individuals with executor status to reclaim PPI on behalf of a loved one who is now deceased.

Provided that they have the legal authority to deal with their affairs, an individual can check to see if they are entitled to claim.

Should the claim be successful, the money owed and repaid from a PPI claim would then become part of the deceased person’s estate, and thus can then be shared between the beneficiaries.

Dan Garrett, CEO and Co-Founder of Farewill said: “Education amongst the executor community is immediately required to ensure that every penny owed is returned to the families of those who have made incorrect PPI payments.

“We now need to make sure that full support is given to enable executors to access all the correct paperwork and processes to start their claim before the August deadline.”

PPI claim deadline: Consumers are being urged to check if they can reclaim money (Image: GETTY)Who can reclaim PPI for a deceased relative?

Farewell explains that should there be a will, it’s the executor who would need to show the bank the Grant of Probate.

Should there not be a will, it falls on the administrator to show the Letters of Administration.

For small estates (with this being under £5,000 in England, Wales and Northern Ireland, or £36,000 in Scotland), the next of kin needs to show proof of their relationship to the deceased, and prove that it was a small estate.

Emma Stranack, FCA’s PPI Deadline Campaign Lead, says: “The PPI deadline is closing in.

“With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement.

“Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.

“If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider – you can search FCA’s list at fca.org.uk/ppi.

“Providers have online tools that make PPI claims simple and will help you through the process.

“It’s free to do yourself and you don’t need to worry about paperwork. You just need your date of birth and previous home addresses to get started.”