Page 3 - June Newsletter
P. 3
How to avoid being a victim
Prepare older people you know by warning them of the possibility that some-
one they trust might take advantage of them. Tell them, before making any
financial decisions, to take time to carefully consider all the options. They
should consider the long-term consequences for themselves and their own
future financial needs, particularly if they have been asked to offer their homes
as a guarantee for a loan. In a worse-case scenario, they might face a loan
default in the future, and have their home sold out from under them.
They should always seek a second opinion from outside their family or friend-
ship circle first. If they’re lending money to someone, make sure they have a
legally signed-off written contract, with repayment agreements written in
detail.
When they’re having work done, in their home, around their property or to
their car, they should ask for written quotes and guarantees. Check with others
to see if the prices they’ve been quoted are fair. Pay only when they receive a
formal invoice, and get a receipt.
If they’re ill, and they ask other people to pay their bills, they should give clear
written instructions, including asking for receipts and proof of payments. If
their illness is ongoing, they should arrange automatic bank payments.
