Executor PPI Claims
As an executor or personal representative, once youíve been granted probate, it is your duty to settle all debts owed by the deceased from the estate.
The first thing youíll need to do is check whether there was a PPI policy in place which will settle outstanding loans or credit card debt in the event of death, and make a claim.
PPI (payment protection insurance) is similar to life insurance and is normally obtained when finance is taken out. It means that in the event of death, debts will be covered through the policy the holder has paid into.
Due to the irresponsibility of UK financial institutions, it is often the case that these insurances were miss-sold and therefore are deemed invalid. The deceased could have been ineligible due to age or health status for example. If you have discovered that an insurance company wonít pay for these reasons, we can help.
In these cases, it is possible to for the executor to claim the PPI insurance policy money back. Your relative may have been unknowingly paying for this insurance for years, without identifying that it was invalid. By law, you are entitled to a full refund of these monies which will go some way towards the repayment of debts.
Even when youíre not looking to make a claim because the deceased has already settled the loan, you still may be eligible to recoup mis-sold policy monies. If, when going through all the financial paperwork, you discover PPI policies which could be invalid, itís recommended that you seek advice.
To make a claim, you must provide proof of power of attorney, or a copy of the grant of probate.