Financial Abuse Compensation
What is Financial Abuse?
It covers a lot of things but on the whole it means obtaining money, goods or property through deceptive or dishonest means. This could include things like:
- Direct theft of money or possessions
- Withholding of benefits by family members
- Families forcing elderly relatives to sell their homes
- Remortgaging homes of the elderly
- Involving older people being tricked into scam/rogue investments
- Tricking an older person into having work done on their property that isn’t necessary then charging them excessive amounts
On older people the outcome can be devastating. There are many who have lost a lot of money or property they have lived in for years. Some do not receive benefits they are entitled to and do not have enough money to live on.
Some indicators that financial abuse is going on are:
- Unpaid bills
- Withdrawals from bank accounts or transfers between accounts that the older person cannot explain
- Bank statements no longer come to the elder's home
- New so called ‘best friends’
- Legal documents, such as powers of attorney, which the older person didn't understand at the time he or she signed them
- Unusual activity in the older person's bank accounts including large, unexplained withdrawals, frequent transfers between accounts, or frequent ATM withdrawals
- A carer that shows excessive interest in the amount of money being spent on the older person
- Belongings or property are missing
- Suspicious signatures on cheques or other documents
- Absence of documentation about financial arrangements
- Implausible explanations given about the elderly person's finances by the elder or the caregiver
- The elder is unaware of or does not understand financial arrangements that have been made for him or her
If you or a member of family has been the victim of financial abuse please call a member of the team here at Precision Claims. We may be able to make a claim for compensation for you. Whilst we understand it cannot take away the stress and hurt caused it may help towards the financial losses you have suffered.
Contact Precision Claims
Call 0844 704 1945 or complete the online enquiry form and someone will call you back to help with your enquiry.
