'PPI' or product protection insurance
I have just watched Playback on BBC2 Martin Lewis explaining the ambiguities of PPI, how to get your money back due to miss selling. If you have a medical problem or are under medication, say for a heart condition, you will get nothing..If you tell them later you can still claim the money back, although after the first contact will probably refuse, keep 'dogging' them as eventually you have a 90% chance of success, as they should ask you. They will say it is the 'small' print, but it should be in large print. If all else fails threaten to go to Trading Standards and they will probably settle as thet don't like hasstle or extra expense, one man got £11.000 quid back another Breast Cancer victim got all hers back. After all you will be no worse off if you get nowt.
There are'template' letters on the internet if you google it. |
Re: 'PPI' or product protection insurance
Thanks for the info Ian. I read that Credit Card Insurance is a prime example, along with loans, store cards or catalogue credit. In most cases they dont even bother to tell you about the insurance aspect and just charge you for it. An example might be being sold unemployment cover if you are unemplyed or retired. I think Margaret Rothwell posted a link to a site for information on this, cant seem to locate the thread though, so I have added this.
Money Saving Expert |
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If you leave a credit card debt when you die isn't your next of kin responsible for paying it?
Sickness insurance isn't my favourite thing. My late husband had a policy and was advised by the company itself to increase his cover as he was diabetic and liable to be off work with something associated with the diabetes. When he came to be off due to retinopathy he put in a claim and they refused to pay the increased benefit because he already had the ailment when he increased his premiums! Increased them on their advice because he had the ailment! |
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Yes in a sense you are but if you can prove there is no money left in the deceased's estate the debt is written off. |
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From personal experience when a member of my family died (1970s) the daughter was left paying off the credit cards and loans. The debt was as inheritable as any assets would have been if there had been any because he did not have insurance on the loans and CCs.
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Why 'must' he have left money? I can assure you he didn't.
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Ian's dad had a credit card debt when he died and his mum was worrying about paying it back. It wasn't a big debt and I don't for one minute think the intention was to borrow money and not repay it. When Ian phoned the company they told him that his mum didn't have to pay the balance, just to destroy the card.
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Well our one was back in the 70s and the CC and loan company insisted on the next of kin paying off the outstanding balance as there hadn't been insurance cover. He chose not to take the insurance cover to cut down costs. I wonder what the situation is now? Maybe if somebody had kicked up a stink they would have written it off. I don't know. I want to look into the legal aspect of this now.
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We are going back about twenty years with Ian's dad, no idea what would happen now.
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He left no property, no nothing except the debts.
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