Phil MeekinView Profile
“Have you lost a loved one and trying to manage the cost of the funeral with great difficulty?’
According to StepChange, the cost of a funeral will never be affordable. The risk of debt is high for most individual’s dealing with the arrangements of their family members send off.
As StepChange took out a survey, it revealed many had struggled with the cost of the funeral. As 20% are saying they had used credit cards, 9% selling their belongings and 10% taking out a bank loan to cover payments.
The unwanted outcome of this misfortune could result in most individuals seeking insolvency advice. That is as well as looking at solutions to manage their debt such as an individual voluntary arrangement. However, in some cases bankruptcy can be the answer leading to loss of their homes and other personal assets.
Also, according to Guardian, the cost of a standard funeral is £2,733. That cost includes the hire of a limousine, a hearse and an oak veneer coffin. The research the Guardian has took out estimates funeral costs will increase by 31% to £3,581 by 2014.
These costs obviously DO NOT take into account the flowers, catering and the venue for the wake.
Many individuals do not have life insurance or are too poor to even take out a policy; therefore this uncontrollably leaves their next of kin with the responsibility of the costs of their death.
Financial difficulty will be the last of many things on their mind when they have just lost their loved one. However, this could result in their bank balance looking unhealthy too.
Many people do not realise there are simple solutions to their problems. By calling a licensed insolvency practitioner, they could lift the pressure and continue grieving without additional stress.
An Individual voluntary arrangement breaks down the debt into affordable monthly payments. This allows the individual to manage their outgoings without pressure from their creditors. But many individuals are too proud to admit they are in difficulty and if they have just lost a loved one then an individual voluntary arrangement will be the last thing on their mind but it shouldn’t be!
Also in the mind of the individual that is responsible for the cost of the funeral the outcome is nothing less than something they will worry about ‘later’ but this will be the cause of financial struggle at a later date.
Insolvency practitioners are here to provide free financial and best advice for those with financial difficulty but unfortunately they are not able to manage your emotions. Only you can find the strength to carry on with your loss, it’s not easy and it is heartbreaking but your financial struggle is not a figment of your imagination… IT’S REAL.