'PPI' or product protection insurance

Ianto.W. · 26-10-2007, 19:50

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.

Bonnyboy · 26-10-2007, 20:11

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

Ianto.W. · 26-10-2007, 22:58

Quote:

Originally Posted by Bonnyboy

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

Yes creditcard PPI is relavent to your debt, thats how that bloke got 12 grand back, he'd been paying for years with heart trouble. Anyone daft enough to give me a credit card would get slammed with paying for my funeral. remember this they can't get blood out of a stone.Iv'e napped them all in my time they deserve ripping off with APR30% aprox

WillowTheWhisp · 27-10-2007, 00:01

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!

BERNADETTE · 27-10-2007, 00:06

Quote:

Willow The Wisp

If you leave a credit card debt when you die isn't your next of kin responsible for paying it?
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.

WillowTheWhisp · 27-10-2007, 00:13

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.

Ianto.W. · 27-10-2007, 00:20

Quote:

Originally Posted by WillowTheWhisp

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!

Creit card debts are unsecured loans hense the high interest rates, If you leave little or nothing the are the very last to get anything, people who use credit cards as 'stop' gap and pay intrest are unlikely to leave much, They work on the theory that there are more good payers than bad. These days people are more 'wised' up and ignore threatening lettersm its called FITB, (file in the bin)

You should have pushed for a retun on your late relatives insurance, like the man said "nothing more lost."

Ianto.W. · 27-10-2007, 00:30

Quote:

Originally Posted by WillowTheWhisp

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.

He must have left money, she should have 'lost it' or told them he died pennyless as my mam did with dad's 2 c/card accounts, they just said cut them up and send them back, we binned them. Mams remarks prompted my statement, she said "If dad had have knwn that he would have payed for his funeral with them"

She was off Jewish stock, god bless them both.

WillowTheWhisp · 27-10-2007, 07:19

Why 'must' he have left money? I can assure you he didn't.

BERNADETTE · 27-10-2007, 07:41

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.

WillowTheWhisp · 27-10-2007, 08:49

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.

BERNADETTE · 27-10-2007, 09:02

We are going back about twenty years with Ian's dad, no idea what would happen now.

Ianto.W. · 27-10-2007, 12:46

Quote:

Originally Posted by WillowTheWhisp

Why 'must' he have left money? I can assure you he didn't.

Unless the card was in joint names she had no liabilaty and no obligation to pay it. They may have 'bullied' her ? I can assure you if you die skint, they can not go elswhere for payment unless you are a guaruntor of the debt. He may have left property to her? Then I do not no what happens. either way only tell them what you want them to know and let them play Sherlock homes. If the debt is below £i.000 they try it on, but not to far, If you embark on the rocky road of 'eternal damnation' credit card to prop you up, and not as a cash substiitute, get as many as you can and keep them bellow £1.000.The chances of all of them 'going for you at the same time is slim, this buyes you time, and if you go wallop they only get tuppence a week each. Lord I wish I could get back on the 'bandwaggon'

WillowTheWhisp · 27-10-2007, 14:40

He left no property, no nothing except the debts.

Ianto.W. · 27-10-2007, 15:26

Quote:

Originally Posted by WillowTheWhisp

He left no property, no nothing except the debts.

He was one smart man willow she should have told them to screw it, if you don't they will screw whoever they can. The last thing c/card companies want is county court 'toothless bulldog' courts, it just cost them more, they have to pay up front to take you, if you have nowt they still get nowt plus the court costs. They deserve all the the stick they get. The Interest rates govern the conditions of the loan, the more secure the lower the interest.