Financial Abuse - Spotting the signs

Financial Abuse 

What is it, spotting the signs and how to get support.

If someone is misusing your money or stealing from you, or you're worried that this is happening to someone else, this could be financial abuse. There are signs to look out for and there's support available. There are ways your bank, building society, lender or other financial service provider can help you, and the most important thing is that you talk to someone. And of course, it may not be you, you may suspect it is happening to someone you care about.

If you need help urgently, you can call the National Domestic Violence Helpline for free on 0808 200 0247 (24 hours), which is run in partnership between Refuge and Women's Aid. Or call the police on 999 if you or someone else is in immediate danger.

There is a lot of help and support available which you can access to confidentially talk things through and get some practical advice. We have added a list of resources you can access at the end of this article. 

What is Financial Abuse?

If someone is misusing your money or stealing from you, or you're worried that this is happening to someone else, this could be financial abuse. There are signs to look out for and there's support available. There are ways your bank, building society, lender or other financial service provider can help you, and the most important thing is that you talk to someone. And, it may not be you, you may suspect it is happening to someone you care about. 

Financial abuse can include:

• Money being stolen or misused.
• Fraud.
• Exploiting someone's financial affairs.
• Restricting someone's access to money, employment, or possessions.
• Pressuring and coercing someone about their will, lasting power of attorney, property, or inheritance.

 

Signs of Financial Abuse

Financial abuse takes many forms, it may not immediately feel like financial abuse, but if you are concerned it's best to check it out. There are also some signs that might raise concerns. 

What does financial abuse look like?  

• Insisting their name is added to your bank or savings accounts or stopping you from accessing your accounts.
• Insisting you give them your salary, pension, or benefit payments.
• Running up debts in your name with or without your knowledge. For example, credit cards or credit agreements for mobile phones or car finance.
• Forcing you to put all household bills in your name and/or refusing to contribute.
• Cashing your pension or cheques without your permission.
• Not allowing you to earn or spend any money unless you have their permission.
• Asking you to account for every single thing you spend.
• Asking you to change your Will.

 

What sort of signs might raise concerns

• Unexplained withdrawals from your account.
• Unusual activity in your accounts.
• Unpaid bills.
• Unexplained shortage of money.
• Financial documents disappearing.  
• Unsolicited mail – for example, receiving mail about  products or services that you are not aware of.

 

Talk to us, we are here to help

If you’re worried your money is at risk, please let us know as soon as you can. You can ask for help at your local branch, get in touch by phone, or send us a secure message if you’re registered for online services.

We will listen and make sure we understand your situation. Then we’ll suggest ways we can help you get control of your accounts.

 Here are some examples of the things we can do:

• Open a new account that’s in your name only. 
• Help you to update your contact details, so any information is only sent to you.
• If you use Chorley Online, we can help you to change your password.
• Offer support and guidance on different ways to manage your account.
• Give you longer appointments, in a private space away from the main banking hall.
  
  

How financial services firms can help if you are a victim of financial abuse

If you or someone you know is a victim of financial abuse, your financial service provider can offer particular support to help you regain control of your money. If it’s safe to do so, ask to speak to someone at your financial service provider about what you are going through. Your provider will do everything they can to support you and will signpost to other organisations which will also be able to help. There are many organisations which offer support to those affected by financial abuse, whether that is help to move to a safe place, legal advice, or other types of practical help.

If you’re in debt because of the abuse you’ve suffered, your financial service provide can help you stop any further debt from happening in your name.

What else can you do?

Anyone can be at risk of financial abuse and it's not always possible to prevent financial abuse before it happens but there are steps you can take to be more aware.  

Password & Security

If you think someone else may have your account pin or password, you can change them. Your provider can send you a new card and PIN to a new address if you wish and if you think it may not be safe at the address you're living at. 

• Keep your passwords and unique online log in details secure, by not sharing it with anyone, writing it down, or storing it on your personal computer.
• Don’t share your pin number for your debit or credit card with anyone else.
• If you’re worried about an older relative, check to see if they have shared this information with anybody else.
• When choosing a password, there are things you can do to make it a strong password. Such as, using a mix of numbers, symbols, capital letters, and lower-case letters. Avoid using obvious dictionary words, or personal data that someone could easily find out about you, such as family or pet names. Consider using a passphrase, which is a sentence like string of words.
• Log off from the internet website when you have completed your activities or transaction.

 

Communication and keeping your information safe

• Think about where letters from your financial service providers are sent, especially if you think someone might be opening your letters. If you don’t want them going to the same address you may be able to have them sent elsewhere.
• You can also choose to receive your statements online if you use internet banking.
• Remember that some transactions on your statement can indicate the location of cash machines you have been using, or locations of stores where a card payment has been made.
  
  

Third party access

• If you want support with your finances, you can allow someone you trust to have third party access to your account. This could help if you’re not always able to get into a branch, talk to your financial services firm on the phone or don’t feel confident to do it on your own.
• Your financial services provider can also help you remove any third-party access from your accounts if you no longer want them to be in place.
• If you need help removing a Power of Attorney from your accounts, you may need to contact the Office of Public Guardian with a specific “deed of revocation”.

 

Important Documents

If possible, it’s good for you to know where your identification and important financial documents are kept. It will make it easier to open new accounts, claim benefits or apply for jobs in the future. It may also help with certain disputes over money. It may be difficult for you to keep hold of your important documents, so rest assured that your financial service provider can still help and support you even if you don’t have these documents. If you can’t keep them, try to take copies, or write down some of the key numbers if it is safe to do so, such as National Insurance or financial services firm account numbers.

 Here are some examples of important documents:

• Passport.
• Driving licence.
• National Insurance number.
• Financial services firm statements.
• Pension statements.
• Pay slips, a P45 or P60.
• Home ownership, rental, or mortgage documents. 
• Details of any benefits you receive.
• Utility bills in your name.
• Credit card details in your name.
• Your birth certificate (and your children’s).
• Marriage certificate.

 

Joint accounts

If you have a joint account with your partner or ex-partner, you can talk to your financial services provider about your options. For example, if you’re worried about money being taken from the account without your agreement, you may want to alert your financial services firm to the situation and ask that it only acts on instructions from both or all account holders.

Your financial service provider can ‘suspend’ payments – this means payments can’t come out of the account without joint instructions from you and the joint account holder. Also remember that either of you can suspend a joint account. That means that your joint account could be blocked so no payments or withdrawals can be made. Removing the suspension on the account would need both of you to agree, so do think carefully about the right option for you.

Other things to consider if you hold a joint account:

• If your joint account is overdrawn, both of you will be responsible for the overdrawn balance.
• If you want to actually close your account, talk to your financial services firm to understand the best way to do this.
• When a Court Orders is served to the bank or building society, it has to suspend all activity on the joint accounts as required by the Order. You may wish to seek independent legal advice with respect to applications to the Court for an Order.
  

 

Opening a new account

 You might want to open a new account either with your existing provider, or a new one. This can help to separate your money or help you to plan to manage your money independently.

• If you are still at the same address as your partner, ex-partner, or family, you can speak to your provider about setting up an account with a different correspondence address. This means that letters such as statements or other marketing letters won’t go to your home address.
• Please remember that some letters, such as legal terms and conditions, may still have to go to your original home address. But do speak to your bank, building society, or financial services provider to see what the options are.
• When you open a new account, you will need to provide some kind of identification (e.g. passport, drivers licence) and an alternative address, which is why it’s important to have some of your important documents. But even if you can’t, still talk to your financial service provider to see how they can help. They are often able to accept letters from a refuge, social worker, or local authority.

 

Credit Cards

If you have a credit card, often one of you will have taken it out in just one name and this is the ‘primary cardholder’. The primary cardholder is the only person responsible for the balance of the card. If someone else has an additional card, this is the ‘secondary cardholder’. Even if that second person spends a lot on the card, it is still the primary cardholder’s responsibility to pay back the money. If this is the case for you, you may want to have the other person removed from your account to stop them spending any more. Your financial services firm will be able to tell you if you are the primary cardholder or not. The other person doesn’t need to return the actual credit card – it just won’t work anymore.

Mortgages

If you have a joint mortgage with someone else, you will continue to be jointly responsible for the mortgage repayments. You will be able to have a mortgage statement with the outstanding balance and payment information sent to an alternative address agreed with your financial services provider. If you are requesting changes to your mortgage, providers will need to check whether the changes are affordable and meet other legal requirements before agreeing to them.

Dealing with debts

Getting advice as soon as possible about any debts is key so the situation does not get worse. It is best to deal with your priority debts first, things like council tax, gas or electricity, mortgage, rent, TV licence, maintenance, or income tax arrears. You can get free independent debt advice (see section Information and resources - where to get help) and if you are in financial difficulties, you should never pay for that advice. Your financial services provider can also help you to work out a budget (see section Information and resources - where to get help). 

Debts taken out in your name

You can find information about all the financial products in your name, by requesting your credit report from one of the free credit rating agency services (see section Information and resources - where to get help).

Unfortunately, people can sometimes arrange for loans, overdrafts, or credit cards to be taken out in your name, or use your property for security for a loan, either with or without your knowledge and consent.
Sometimes this can involve your being tricked or forced into signing a credit application. These are examples of financial abuse.

Your credit rating

 A credit score provides a snapshot of your financial history. Whenever you use an overdraft, take out other credit (such as a credit card, loan, or mortgage), this is recorded on your credit report. This is individual to you. Your credit rating can be impacted if for example you miss any repayments, go over your credit limits, or take out a lot of new credit.

Your credit rating could change as a result of financial abuse, particularly if someone you know has taken out credit in your name. This is important because a low rating could affect your ability to apply for credit, including mortgages, in the future. So it’s good to know what your rating (or score) is. You can check your credit score or register for credit report monitoring using free services but remember that, for some of these services, if you sign up for free trials, they will start to charge you if you don’t cancel the subscription.

If you are concerned further accounts may be opened in your name, you can also register with Cifas. Cifas offers a Protective Registration service which, for a fee, will contact you to verify any further account applications made in your name.

If and when you're ready to talk about what's happening, financial services firms can help you stop the financial abuse from happening or continuing. Once you've been able to identify your abuse, financial services firms can help with some next steps to support you. This could mean help with budgeting, setting up savings accounts, writing wills, borrowing money, or moving into a new home. 

Information and Resources - where to get help

There is a lot of help and support where you can talk things through and get some practical advice.

If you are experiencing domestic violence or abuse, or financial abuse

If you are in immediate danger, call the police on 999.

Remember the Silent Solution System. If you are unable to speak when the operator answers, press 55 to make them aware you are in danger and can’t speak.

These charities are here to support you emotionally and practically. You can get in touch by phone, or email. You can also visit there websites for practical and useful guidance and advice. 

The National Domestic Violence Helpline
A freephone 24-hour helpline run in partnership by
Refuge and Women’s Aid. 
It is a national service for women experiencing domestic violence, their family, friends, colleagues and others calling on their behalf.
0808 200 0247 (24 hours)
helpline@refuge.org.uk and helpline@womensaid.org.uk
www.nationaldomesticviolencehelpline.org.uk

Scottish Women’s Aid
Scotland’s 24-hour Domestic Abuse and Forced Marriage Helpline
0800 027 1234
helpline@sdafmh.org.uk
www.womensaid.scot or www.sdafmh.org.uk

Northern Irish Women’s Aid
Supporting victims of domestic and sexual violence in Northern Ireland
08008 802 0404 24/7
info@womensaidni.org
www.womensaidni.org

The Men’s Advice Line
A confidential helpline for all men experiencing domestic violence by a current or ex-partner
0808 801 0327
Info@mensadvice.org.uk
www.mensadviceline.org.uk

GALOP – National LGBT+ Domestic Abuse Helpline
Emotional and practical support for LGBT+ people
experiencing domestic, emotional, or financial abuse.
0800 999 5428 (Tuesday is a Trans* specific service)
help@galop.org.uk
www.galop.org.uk/domesticabuse

Turn2Us
A website with information on benefits, charity, local authority grants and support services 
England, Scotland, Wales and Northern Ireland
www.turn2us.org.uk

Action on Elder Abuse
If you are an older person experiencing domestic or financial abuse:
A free helpline offering information, advice and support for older people in England, Wales, Scotland and Northern Ireland 080 8808 8141 (Mon-Fri, 9am – 5pm)
www.elderabuse.org.uk

Age UK
A free advice and resource service for older people
0800 169 6565
www.ageuk.org.uk

Credit Reference Agencies
You can receive a free credit report to understand more about your own credit rating and all the financial services products held in your name
www.equifax.co.uk
www.experian.co.uk
www.callcredit.co.uk

Money Advice Service
Free and impartial money advice, set up by government
0800 138 7777 (Mon-Fri, 8am – 6pm,
webchat on Sat. 8am-3pm)
Typetalk 18001 0800 915 4622
https://www.moneyadviceservice.org.uk/en

Citizens Advice
If you want help with debts or money matters
Information, advice and support on lots of different topics, including debt, money matters, housing and benefits Support across England, Wales, Scotland and Northern Ireland 03454 04 05 06 (Mon-Fri, 9am-5pm)
www.citizensadvice.org.uk

Law Centres Network
If you are looking for legal advice
Centres which can offer free legal advice across the UK
www.lawcentres.org.uk

Department for Work and Pensions
If you want advice on housing or benefits
Information on different benefits and what you need to apply.
Also apply online.
www.gov.uk/browse/benefits

Live Fear Free Helpline/ Llinell Gymorth Byw Heb Ofn
Providing confidential support and information on domestic abuse, sexual violence, and violence against women in Wales. Available 24 hours, 7 days a week for women, men and children by telephone, text, email, and webchat. Provided by Welsh Women’s Aid funded by Welsh Government.
0808 80 10 8000
info@livefearfreehelpline.wales
www.livefearfree.gov.wales
24/7 text service 078600 77 333

Shelter
A free information and advice service and helpline on housing and homelessness in England, Scotland, Wales, and Northern Ireland
0808 800 444
www.shelter.org.uk

Victim Support
Free and confidential support if you’ve suffered from any crime, with information and support for victims of domestic abuse, as well as specialist case workers.
0808 16 89 111 (24 hours)
www.victimsupport.org.uk
www.victimsupport.org.uk/crime-info/types-crime/domestic-abuse