Page 3 - June Newsletter

How to avoid being a victim

Prepare older people you know by warning them of the possibility that

someone 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

friendship 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.