25th July 2019
The PPI deadline is four weeks away, executors stand to claim billions in compensation
Dan Garrett, CEO and Co-founder of Farewill discusses why executors need to take immediate action to reclaim the PPI of deceased individuals
Within the UK, £33 billion worth of PPI has already been repaid and with the deadline - August 29th 2019 - fast approaching, individuals with executor status are advised to check if their deceased relatives are entitled to a claim. This comes after recent news that you can reclaim PPI on behalf of someone who is deceased, as long as you have the legal authority to deal with their affairs. The money owed and repaid from a PPI claim would then become part of the deceased person's estate where it can then be shared between the beneficiaries.
With the PPI deadline only one month away and with financial pay-outs ranging from £3,000 to £33,000, it is incredibly important to assess if the deceased had PPI on a loan, credit card, store card, mortgage or debt that could be reclaimed to your loved one's estate. To make the process run as smoothly as possible, executors need to make sure they have the correct paperwork (probate or letters of administration) and information about why the individual got the policy, such as unemployment or sickness.
Who can reclaim for a deceased relative?
- If there's a will, it's the executor who'll need to show the bank the Grant of Probate
- If there's no will, it's the administrator who'll need to show the Letters of Administration
- For small estates (under £5,000 in England, Wales and NI or £36,000 in Scotland), it's the next of kin who needs to show proof of their relationship to the deceased and prove it was a small estate
Dan Garrett, CEO and Co-Founder of Farewill is of the opinion:
'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.'