Considering that PPI is one of the biggest mis-selling financial scandals ever to take place in the UK, it would be next to impossible that you haven’t heard about it. Also, if you, your friend or a family member has taken out a loan, mortgage or credit card since the early nineties, the chances are high that you might have been mis-sold a PPI policy along with it either knowingly or unknowingly.
With so much information around about PPI, it really becomes difficult to analyse, which information is right and which is not. Thankfully, extensive information is available online with regards to PPI to help you identify whether or not you have been mis-sold PPI or to help you make a claim for compensation. But, if you are still confused, you can consult CMC’s (Claim Management Companies) with vast expertise in dealing with PPI claims.
One incident in particular threw new light on the whole PPI compensation process being employed until recently.
How A Mother Of Two Could Save Her Home With PPI Compensation
A mother of two young children, Anastasia could stave off from selling her home because of the PPI compensation she received.
She was not familiar with PPI and various other activities related to it. Luckily for her, she acquired ample of knowledge about it at the right time before having to sell off her home.
It was a CMC that helped her gain all the information she needed about PPI. She was informed that any money owed by a deceased person can be a part of their estate. In simple terms, they can inherit and are entitled to reclaim the compensation.
She grieved for months after her husband’s death and struggled to come to terms with the situation she was now faced with. Compounding her problems was the fact that she was unable to manage mortgage and keep her family afloat from all the debts. Once while going through her husband’s paperwork she realised that a PPI policy was taken out by her late husband.
She gathered all the important documents required for the procedure and listed all the payments made by her husband. The lender was an independent broker therefore it was difficult to trace him but gradually she was able to collect sufficient details about him.
With the assistance of the consulting firm she filed for PPI compensation. With continuous efforts Anastasia finally received her compensation money which landed into her account a few weeks after things were sorted.
She feels relieved now as she can manage her finances and her kids studies won’t be affected due to the financial crunch. Besides, she can afford to live in the same house without being severely handicapped from a financial standpoint.
Many people are not aware about the fact that a relative or a family member can apply for PPI compensation on behalf of their deceased person. The most important thing is that you need to have all necessary documents along with you.
Procedure to Reclaim PPI on behalf of Deceased Relative
If you come across a relative’s paper work after their death it is crucial to make sure whether or not they have paid for PPI. In case they have, contact a reliable company who can guide you through the whole reclaim process.
In most cases, beneficiaires of the deceased person’s estate are the ones who have the right to reclaim the compensation. One needs to follow the requisite legal procedure for this and provide strong evidence to successfully receive the compensation.
Sometimes, the will of the deceased person states who will be entitled to the PPI compensation in case of the policy holders death.