Credit Card Balance Protection Systemic Fraud

[mymeowcat]

I have a brother who had a stroke recently.

My brother had CC balance protection in which he paid out all the time.

When he suffered a stroke --- the insurance company which insures his credit card was told of his stroke and impairment and requested he fill out a separate form which he was required to fill out AND sign.

Doctors told us that stroke victims and and brain injury victims RARELY have the ability to sign anything. They are lucky just to be alive. Many victims willnever be able to write or speak again. Doctors will not consent to a letter for "power of attorney" since brother is "not fully operational" and possibly hallucinating half the time.

Doctors will NOT sign anything granting you power of attorney thus you are stuck paying off either minimum balances or paying the credit card in full yourself!

I checked with a lawyer --- By definition of a stroke --- you have a brain injury an not capable to make sound and good decisions and can not give you a power of attorney. You must apply for Guardianship and trusteeship which takes you 2 months minumum for court and costs more than the typical credit limit.

Trust me --- if you ever need a CC balance protection and try to collect --- it is nearly impossible to even get the insurance company to pay the minimum monthly balance.

IT ALMOST APPEARS TO ME THAT THE TD VISA THING IS A FRAUD --- IF YOU ARE NOT CONVINCED --- TRY TO FIND SOMEONE WHO ACTUALLY BENEFITTED FROM CC BALANCE PROTECTION.

[ptownplayer]

good information...there always try to push this on you whenever you are signing up for a credit card or renewing your credit card.

[tsatsa]

That is why it is so important for everyone to make out two "power of attorney" one for health matter and one for money matter when they are still healthy (sound mind).

[budfrogs]

Aren't you going to need to get a power of attorney anyways to take care of other financial decisions?

[fratello25]

That is why it is so important for everyone to make out two "power of attorney" one for health matter and one for money matter when they are still healthy (sound mind).

Very good advice. It's hard for all of us to think that we might one day be incapacitated, but if everyone made sure that they and their loved ones have a power of attorney form filled out, this would never be a problem. It's certainly not fraud on TD's part.

[Canuck2fan]

Sorry to hear about your situation, insurance companies by definition do anything and everything to AVOID paying claims...
I have to agree with having both types of POA's done in advance.
I hope you get the situation resolved soon.

[JWL]

insurance companies by definition do anything and everything to AVOID paying claims...

What a ridiculous comment. I have never had any problems making auto, home or travel insurance claims.

[JWL]

When he suffered a stroke --- the insurance company which insures his credit card was told of his stroke and impairment and requested he fill out a separate form which he was required to fill out AND sign..

Have you escalated the matter with the insurance company and the credit card company?

[Thalo]

That is why it is so important for everyone to make out two "power of attorney" one for health matter and one for money matter when they are still healthy (sound mind).

+1

I agree that credit protection on a credit card is useless in 99% of cases. I used to be an FA at TD and if I had a customer with balance protection on their visa it was usually my recommendation to cancel it (this isn't something we sell in branch anyway).

[rems]

Sorry to hear about your situation, insurance companies by definition do anything and everything to AVOID paying claims...
I have to agree with having both types of POA's done in advance.
I hope you get the situation resolved soon.

what an ignorant comment

[ephemera]

what an ignorant comment

Not really, I have read story after story of how people get rejected for claims over silly reasons.

[rems]

Not really, I have read story after story of how people get rejected for claims over silly reasons.

yea...cuz no one ever wants to write stories about how quick and easy their claims were approved.

[WHO]

What a ridiculous comment. I have never had any problems making auto, home or travel insurance claims.

I really hope you are being ironic. Else, you're just very lucky. Or have very low expectations for the amounts you give all your life long to these companies.

[mymeowcat]

Aren't you going to need to get a power of attorney anyways to take care of other financial decisions?

The lawyer setting up the power of attorney needs the injured party to consent first and be of at least "sound mind".

If you go for guardianship it means you'll be the injured person's "parent" and responsible for things like deciding what movies he watches, who can be his friends, etc as well and it is also expensive.

With all the hassles over the credit card thing --- it's such a small amount anyways that I'd rather just pay the thing off myself and be rid of the paperwork hassles managing somebody else's financials.

I'm not sure if I'm up to something like Guardianship or trusteeship that and maybe leave it for my parents or his spouse.