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Illness and Bereavement:: What To Do Next
Losing a relative, partner or close friend is traumatic enough to deal with, without having to think about the financial side of things. And, if someone is seriously ill and taken into hospital, visiting them will be a higher priority to you than sorting out their finances and ensuring bills are paid.
However, the best and easiest course of action for anyone dealing with the financial affairs of someone who is seriously ill in hospital or has recently passed away, is to let people know - inform lenders. Notify anyone who is expecting payments by writing a short note to them explaining the current situation and giving your details as a contact to discuss details later should the need arise.
Frequently we hear stories of how a widow has received a letter from her bank or credit card company chasing debts from her late husband. And we think, 'how insenstive?!' However, lenders are not going to know what has happened if they are not informed. How could they know? They need to be told.
Once informed, lenders will be sympathetic and be able to help you sort out financial arrangements with minimal fuss. For example, if someone is seriously ill and receiving a much reduced income as a result, they may be able to agree new lower payment terms to bear this in mind and make payments manageable during this difficult time.
The same action should be taken when someone is seriously ill. The last thing they need when they are better is to have to deal with a bunch of arrears, spiralling debts and bank charges.
However, in both instances, when someone dies or is seriously ill, the same problem arises. How do you find out what needs paying, to whom and by when? Especially if someone passes away suddenly or they cannot remember or inform you what needs paying.
So how do you find out this information?
You can get hold of a copy of a person's credit reference file by contacting one of the credit reference agencies, such as Experian or Equifax. This will detail all existing debts and who they are with, listing all creditors, essentially revealing what needs to be paid and to whom.
Not all of us are good record-keepers, and staying organised in today's frantic society isn't easy. However you can prevent extra hassle when you or those close to you die, by making a will (or having them make a will). In addition to making a will, you should make a list of financial commitments and keep this and your will together with a copy of your credit reference file. Those close to you should be informed of their whereabouts. This enables anyone to inform creditors of the situation if necessary.
Credit Repair
Credit Repair: Credit Repair
Credit Repair: Discover How To Repair Your Credit History
Credit Repair: Refused Credit? Discover Why
Credit Repair: The Credit Check
Credit Repair: Credit Information Factfile
Credit Repair: Bereavement or serious illness
Credit Repair: Divorce or separation
Credit Repair: Redundancy or income reduction
Credit Repair: Moving Home
Credit Repair: Leaving Home
Credit Repair: Beware of Dodgy Promises and Bogus Credit Repair Companies
Credit Repair: Sample Credit Repair Letters
Credit Repair: CCJ Removal
Credit Repair: Default Notice removal
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