How to protect finances.

Bessieb

Registered User
Jun 2, 2014
107
0
Had the same issues with my parents before I moved them to a CH. My Dad couldn't work out where the decimel points went so happily paid £300 for two hours gardening when it should have been £30. There were lots of other examples. Unfortunately there are far too many unscrupulous individuals who are happy to take the money and run away laughing.
Now they are in a CH and I have full control of the finances it's much less stressful but before that I:
- put everything I could on Direct Debit. They were in agreement with this and thought it sensible so that was OK.
- Asked my bank manager - at the same bank which was handy - to keep an eye on my parents accounts and stop any large, unexpected transactions before they went through. They were happy to do this and it is a common request apparently.
- Took down details of all of my parents accounts and credit cards. Was extremely useful when it came to the time I had to take full control.
- Cancelled the issuing of cheque books at the bank. When my parents queried that they hadn't received a cheque book I just said that cheques were being phased out but I'd ask the bank about it. This appeased them.

I think that's about as much as you can do unfortunately. Very difficult situation I know
 

DMac

Registered User
Jul 18, 2015
535
0
Surrey, UK
My OH, who has PoA over both his parents' finances, has had to remove all things financial from their house. They cannot remember PIN numbers. They cannot remember how to withdraw cash. They cannot write cheques. But on at least 2 occasions, my FiL WAS able to supply his bank details to insurance companies for some unwanted product warranty policies. OH was luckily able to get these cancelled, so all in all we have got away with just a couple of narrow escapes. We made sure to hunt in drawers, cupboards etc. to remove any and all bank statements, cheque books, cards, paying in books and anything else which might contain their bank details. OH now gives them small amounts of cash each week, for MiL to spend in local shops. Rest of family do most major food shopping for them.

My FiL is convinced that we are all stealing from him, and regularly accuses us of this. It's a small price to pay for keeping control.:eek:
 

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