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The death of a loved one is undoubtedly one of the most devastating and life changing events any one of us has to go through. At this time as you are consumed by grief nothing else in the world seems to matter and it is easy to lose track of time. Days, months and even years can go by before you start to feel anything like resembling ‘normal’. During a grief cycle many things can get forgotten such as forgetting to shower, eat or even get dressed. Other things can get forgotten too such as paying utility bills, council tax, credit card bills, your mortgage/rent or remembering to meet any number of other financial commitments.

Unfortunately this is when your financial circumstances can spiral out of control because you may also find yourself taking extended periods off work and this may lead to a reduction in your wages or worse still, your income may cease or you may find yourself without employment.

How to manage your finance while going through a bereavement?

In this blog, I wanted to highlight a few tips to managing your finances to keep at the back of your mind in case you ever find yourself in this position or have a friend, relative currently going through a bereavement.

• You can never plan for such tragic life events such as the loss of a loved one but when this happens it is important not to suffer alone but to reach out to others who can help provide breathing space by speaking to your mortgage provider and credit card companies to explain the situation and then where possible arrange a payment break. All that is needed to arrange this is a letter of authority signed by you to be able to progress this. A letter from your employer may help to get matters arranged too.
• Whether in difficult times or in day to day life, it is always a good idea to have key outgoings such as utilities and council tax on direct debit with your bank. This will ensure if you take some time out to grieve, as long as there are funds in your account, you will be saved from any creditor action by the avoidance of any arrears building up.
• Try and have a small savings fund to be able to call upon in times of emergency, this can see you through a difficult period such as bereavement if you have to take extensive time off work and your pay is therefore reduced or eliminated.
• If you are in receipt of any benefits or tax credits, get a friend or relative to investigate what support you may be entitled to following the death of a loved one such as bereavement allowance and help with funeral expenses.

These actions can assist therefore allowing you to grieve in peace without a mountain of creditor demand letters or constant phone calls from debt collection agencies.

Where to find debt help?

Here at FD Debt Solutions, we also understand that sometimes when a person suffers a loss of a loved one, the person left behind may already be facing financial difficulties which are worsened by their loss and eventually the only solution is a formal insolvency process. We also recognise that some people following the loss of a loved one simply cannot cope with facing anything other than their own grief and fall into a deep depression whereby they bury their head in the sand and eventually the only option for them is formal insolvency. We also understand the need to come and talk to us as soon as possible so that we can help alleviate the almost certain stress that any type of creditor pressure from unpaid debt creates. If you would like to make a confidential appointment, we are here to listen and help, call us now on 0800 652 0002 or send us a message on our website.