'PPI' or product protection insurance - Page 2

jambutty · 29-10-2007, 21:52

The only person responsible for a debt is the person who took it on unless they had a guarantor or a co signatory to the debt.

The banks issuing credit cards want people to believe that if the CC owner dies the next of kin are liable for any outstanding balance. But they aren’t and never have been.

In days gone by when taking out a bank loan, the bank required the signature of the spouse allegedly as a witness. The reality was that they unknowingly became a co signatory to the loan.

The only person liable for the CC debt is the deceased, or rather his/her estate, unless there is more than one person assigned to the CC. In that case the survivor shoulders the burden.

If the CC were for one person then the balance due would be way down the line if for instance there were an outstanding Income Tax/National Insurance/VAT debt. Unless it could be proved that the deceased had deliberately gone on a spending spree from his deathbed. Even then it wouldn’t be at the top of the list.

Ianto.W. · 29-10-2007, 22:18

That is quite correct jambutty, it has never ceased to amaze me how the normal 'man in the street' are so easily intimidated. letters spewed out by the thousand, these are then personalised with a name and address. Any white windowed letter with, "this is not a circular" boldly printed on the front, should be chucked directly into the bin. Then you get the real good one, threatening a home visit. Cobblers!

harwood red · 29-10-2007, 23:46

Jambutty is correct. As I deal with debt on a daily basis...not mine you must understand... The debt does indeed die with the debtor and can only be repaid by their estate and then only if the creditor can show they have a legal right to part of that estate

WillowTheWhisp · 29-10-2007, 23:51

Has this always been the case? The person I referred to really struggled to pay off the inherited debt.

harwood red · 29-10-2007, 23:53

Quote:

Originally Posted by WillowTheWhisp

Has this always been the case? The person I referred to really struggled to pay off the inherited debt.

It has been the case for many years, but unfortunately because as Ianto has said the "normal man on the street" doesn't know this the creditors have a nasty habit of trying to reclaim the debt from anyone they can as they don't like to have to write it off!!!

WillowTheWhisp · 29-10-2007, 23:59

Oddly enough I never came across the situation when I worked in a bank. Maybe we sold insurance with all our loans!

harwood red · 30-10-2007, 00:01

Quote:

Originally Posted by WillowTheWhisp

Oddly enough I never came across the situation when I worked in a bank. Maybe we sold insurance with all our loans!

But usually with bank loans (especially a while ago, sorry willow) there is some security to back the loans up, hence there being some money in the estate after the debtor has passed away... so that may well be why you didn't come across it in the bank

WillowTheWhisp · 30-10-2007, 00:03

Most estates were dealt with by solicitors anyway so they sorted all that out and then just asked us for the money that was in the bank accounts.

Ianto.W. · 30-10-2007, 00:46

Credit Cards were a licence to print money in my day as were the £50.00 cheque guarantee card, all you needed was plenty of cheque books an plenty of petrol to get you to the next bank. Before anyone asks the cheque books were easily available by ripping the book nearly empty page out and getting another a day or two after. You then had 7 days to make money and pay it in before the cheques hit the bank oh happy days.

MargaretR · 31-10-2007, 06:14

If anyone has been trying to access the Moneysaving expert website to download a form to reclaim PPI charges - you need to know that the site was SABOTAGED for a few days.
I get the Martin Lewis emails and got this today -

(extract) -"MoneySavingExpert.com Attacked! Since last Friday the site has been the target of a massive, deliberate DDOS attack. Put simply, someone’s been simulating billions of visitors to crash the servers; and for three days it worked (read more). It's mostly fixed, but if you find a problem or slowness, please stick with us.

This may’ve saved the banks £10s millions. The attack coincided with the launch of the PPI reclaiming campaign and my ITV Tonight programme (watch it) programme on reclaiming. Let me make it clear, I don’t think the banks are behind it. Yet I do think it's likely the timing was deliberate to cause maximum damage to the site; and a by-product is it's probably saved the banks £10s millions.

I need every MoneySaver's help. The PPI campaign's momentum has been lost; many 1,000s came for the free template letters and only got an error page. Please spread the word at the water-cooler, the pub, e-mail your mates, at family get togethers. Ask them “have you got insurance on a loan, credit card or mortgage?”. If they have tell them “you may’ve been missold it and could get thousands back…” and direct them to the article. Don’t let those who tried to kill the site win.

Ianto.W. · 31-10-2007, 14:14

Sounds like 'the establishment's' dirty tricks brigade are at work, they will stop at nothing in their quest for our hard earned money. People need educating that these are not gods, but companies making their own illegal rules up.If the bank sent me a 'charge for a letter, I used to write back and double the charge, they soon got the message, mind you I was in a strong financial state at that time.when the racing is on TV where do all these parasites come from? We are paying for it by being ripped off by their investments, profit at all costs and no concience. It is high time they nationalised the banks and the everyone got a piece of the pie, not just a favoured few with inherited money lying in banks.