Seven Financial Abuse Red Flags – and Why You Might Not Eve Realise It is Happening to You – ryan

Financial abuse can be subtle but harmful. MONEMAGPIE EDITOR AND FINANCIAL Expert Vicky Parry Explains How to Spot The Signs and What You Can About It

Ten Years after Financial Abuse Became An Official Crime, It Still Affects Over Nine Million People in the uk each year. While it affects People from all ages and demographics, the most prevalent is Women, with one in six claimimg they suffered economic abuse in a relationship.

But what is economic abuse, and how can you spot the red flags before the late?

What is Financial Abuse?

Financial abuse is someonon controls of another person to their advantage and the disadvantage of the Victim. This is usually done by intimate partners, but can Also be family, Friends, or People in a Support Network as Trustted Individuals.

IT CAN COME IN SEVERAL FORMS. It mIight be forcing someone to take out or loans in their name for the perpetractor. IT COULD INSISTING ON HAVING A JOINT ACCOUNT AND REMOVING ALL The MONY INTO THEIR OND. Or, it mIight look like financial irrespikesitability of one person so the other is required to put themelves into financial difficulty to pay bills on their behalf. For example, someone might deliberately spend all their Money on Payday on luxuries for themselves, so their partner has to focus the full bill for the mortgage.

For some people, financial abuse look like their benefits are paid to a ‘respectible adult’ who then does not use the Money as they shoulder on the intended recipient. Others Might Find they Pushed to have their salary paid intoo someone Else’s Bank Account, from which they are gioven a small ‘Allowance’.

Why does Financial Abuse Happy?

Financial abuse happens in 99% of domestic abuse case. It is a way of controlling the vicat, as they are unable to spend their Money as they wish, Making it hard for me to make plans to leave.

Sometimes, People are unaware the abuse is happy. There have been been someone high profile caes over the years of Trusted Carers Taking Advantage of Vulnerable Adults with Dementia or Other Health Conditions, Spending the Victim’s Money As it are their. These caes are particularly hard to spot, nor the Victim is offten Already Very Isolated and Will Not Be ABLE to TELL IF FINANCE ARE IN ORDER.

Financial Abuse Red Flags

You might not realise you are experienced financial abuse, as it offten starts small. If you or a friend is experiencing any of these situations, it is a warning sign for economic abuse that needs to be addressed.

Insisting someone take out credit in your name

You show only Ever Take Out Bank Accounts, Credit, Loans, or Any Financial Product in your name if it is for you. If anyone asks you to set up an account for say under your name, this is fraudulent. It also means they can rack up Massive CREDIT CARD OR LOAN DEBTS AND YOU ARE THE ONE REPONSIBLE FOR REPAMESS.

Nansing for income to be paid intooir Account

If anygene’s suggests that your incomed should be paid into their Account, refuse. This is a sign that they have been to control MUCH MONEY YOU HAVE ACCESS TO. They Might TRY TO TELL YOU THAT YOU HAVE A SPEING PROBLEM – But unless you’re the one asksing someone to help you with such anssue, will not do it. Once the Money is in their Account, They Can Spending It Want and Don’t Have to Give It Back to You.

TELL YOU TO WORK LESS HOURS THAN YOU WANT

Only You Can Decide How Many Hours You Are Capable of Working Depending on Your Own Health, Family, and Work Circumstances. IF someone tries to make you work fewer hours than you want to or are capable of, this is an attempt to restrict your earning power.

They Check Your Spending All the Time

Sharing Details of Expensses That Come Out of A Joint Account is Fair ENOUGH – and Should Be Standard Practice to Ensure Both Parties The Account’s Status. Howver, IF Someone is Always Checking Your Receipts, Insists on You Keeping A Spaking Diange, or Demands Justification of Each Purchase, this is controlling and abusive behaviur.

Restrics the use of your Own Items

IF SOMONE TAKES AWAY YOUR MOBILE PHONE, CAR, OR OTHER ASSETS THAT YOURS, OR UNFAIRLY USES A JOINT TO DEPRIVE you of its, this can be be financial abuse. IT IMPACTS How you can Earn and Spend Your Money.

Wants Your Banking Passwords

Never, Ever Give Someone Your Card Pin or Banking Logins. Only You Should Have Access to Your Bank Accounts, unless there is a specific reasson you have decided someone needs to help you control your Money. An example might be if you have asced for help paying bills while you tacky a long-term illness that May cause you mental confusion or fatigue. Eve in these caesses, it is safer to set up a new Account and put some money into me to say to manage your life admin, Rather than giving full bank Access.

SPENDS ALL OF THEIR MONEY TO DEPRIVE YOU OF YOURS

This is one of the most insidious types of financial abuse but it unfortunately happens a lot. A person Could deliberately fritter away their Money, Leaving the Victim to Be Responsible for Paying Bills (or face debt). Or, they tel the vicat that they have no money or less than they actually have, to manipulate mento paying for Everything.

How to get help for financial abuse

Financial abuse is one of the trickiest situations to get out of, Because it make up very difficult to save any money for an esca plan. If you feed Safe Enough to discuss the situation with the perpetractor, will so. Howver, Mary Situations Are Dangerous to Due in if the Victim is Concerned About Retaliation. In this case, reach out to domestic abuse charities or the surviving economic abuse charity for assistance.

TRY TO SPEAK to your Bank and Credit Card Providers to Let Know Your Account May Be At Risk of Someone ELSE TRYING TO ACCESS IT, IF Someone Has Asked to Take Out in Your Name. You show also check your credit record to make sure they haven’t already done so Without you knowing.

Speak to a Trusted Friend or Family Member if you can, to form an action plan. They May Be Able to Help You Find a Place to Stay Safely while You Put Steps in Place to Distant Your FROM the person abusing you.

If you think someone is being financially abused

This can be a tricky topic but is important to speak up if you think something is wrong. Many People Either are unaware that financial abuse is a crime, or they are too too something. Opening up the Conversation First Can Lay the first steps to say that help and breaking away from the person abusing.

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