We understand if you suspect you, or someone you know, are the victim of financial abuse then conversations to address this may be challenging. We are committed to helping you identify financial abuse and prevent this from having a detrimental effect on your life, or the life of someone you know.
What is financial abuse?
Financial abuse is a type of coercive behaviour. Financial abuse may occur when an individual tries to control a person’s ability to acquire, use or maintain their own money or financial resources. Financial abuse is sometimes also referred to as ‘economic abuse’.
Financial abuse can affect anyone, but it is typically experienced by the most vulnerable people within our society, elderly people and those in intimate or abusive relationships.
How can you tell if someone is the victim of financial abuse?
We understand it might be difficult to identify if you, or someone you know, are the victim of financial abuse. Although financial abuse may differ depending on individual circumstances, there are some key indicators that you might be suffering financial abuse, such as if someone:
- Asks you to account for everything you are spending money on;
- Takes credit or loans out in your name;
- Runs up debts in your name;
- Takes money from you through manipulation, coercion or threat of violence;
- Stops you from having access to your money or financial resources.
How can we help you?
We understand the difficulties you may face and are always available to discuss any concerns of financial abuse with you. You can either telephone our Customer Service team, or you can visit your local branch where the branch staff will be happy to speak to you in a private environment. All conversations will be dealt with in the strictest confidence.
There are organisations and charities available who are able to offer help and support to you. Whether that is help to move to a safe place, legal advice or any other guidance. More information about these organisations and charities can be found on the UK Finance ‘It’s Your Money’ leaflet.
You can also read our article on how to protect yourself against fraud.