for people who find it difficult to make decisions …for people who find it difficult to make...
TRANSCRIPT
For people who find it difficult tomake decisions about money
Easy Read version of:
Moneymadeclear guide:Just the facts about help with managing money.If you or someone you care for lacks mental capacity.
Help looking afteryour money
What is in this guide page
About this guide
The most important thingsto think about
Ways to look after your money
Getting money from other people
Saving money
Paying bills and buying things
Looking after your money with help
Planning for more help in the future
What to do if things go wrong
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About this leaflet
The Consumer Financial Education Body(CFEB) wrote this information.
The CFEB are an independent organisationhere to help everyone manage theirmoney better.
We give good, easy to understand advicethat helps people make better choices.
We believe the right advice can helppeople manage their money better,making a real difference to their lives.
We are paid for by banks and other firmsselling services to do with money.
About this guide
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This is one of our Moneymadeclearguides.
A guide gives you information to help youunderstand different things you can do.
Our guides do not try to sell you things.
They just help you understand and lookafter your money.
This guide is about mental capacity.
This means being able to make your owndecisions about something.
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Some people find it hard to understandinformation and use it to make decisions.
This might:
l happen all the time. For example, forsome people who have a learningdisability
l get better and worse for some peoplewho have a mental health problem
l get worse over time for some peoplewho are ill or getting older.
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This guide tells you about:
l ways to look after your money
l looking after your money with help
l planning for more help in the future
l what to do if things go wrong.
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If you are helping someone look after theirmoney, there is more information in thelonger version of this guide.
To get a copy please contact us.
Telephone:
0300 500 5000
Website:
www.moneymadeclear.org.uk
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The most important things tothink about
The law about mental capacity sayspeople must:
l start off by thinking you can make yourown decisions
l think about each different decision
l give you support to make eachdecision.
You may not want someone else to makedecisions about your money but they canhelp with:
l paperwork and filling in forms
l going to meetings and writing notes orreminding you about things you wantto ask
The most important thingsto think about
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l making sure you understand bills andpay them on time
l working out how much you want tospend.
It can be difficult to ask for help but itcould stop you having problems like:
l owing people money
l losing services like gas or electricity
l not getting all the money you shouldbe getting.
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Ways to look after your money
It is important to budget or keep track of:
l money coming in
l money you spend.
Some people think it is easier to just havecash.
You can easily sort it into money fordifferent things.
But a bank account can make it easier foryou to get money in and pay your bills.
You get a statement each month to tellyou about the money in your account.
There is information about working out abudget on our website:
www.moneymadeclear.org.uk
Ways to look after your money
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Other people can pay money into youraccount.
This is called an automated credittransfer.
It means you get your money straightaway and do not have to go to the bank topay in a cheque.
Just ask the person who pays you moneyto set this up.
Getting money from other people
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Getting all the money you should be
If you have a disability or do not earn a lot,you might be able to get benefits to helpyou.
These organisations can tell you what youcould get:
l Jobcentre Plus (Northern Ireland Jobsand Benefits Office)
l Citizens Advice Bureau
l the Pensions Disabilities and CarersService:
Telephone:
0800 88 22 00
Textphone:
0800 24 33 55
The government website:
benefits-adviser.direct.gov.uk
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Saving money
You can save money to pay for things youare not expecting.
You do not have to save much.
Just £1 a week would mean you have over£100 in 2 years.
You might want help and advice if youhave a lot of money to save.
The Association of Private ClientInvestment Managers and Stockbrokerscan tell you more about this.
Telephone:
020 7448 7100
Website:
www.apcims.co.uk
Saving money
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The Financial Services Authority can tellyou whether an organisation is allowed tohelp you.
Telephone:
0845 606 1234
Website:
www.FSA.gov.uk
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Paying bills and buying things
There are lots of ways to make this easier.
Having a bank account
Contact the bank or building society toopen an account.
You can run your bank account from homeif you set up an internet account.
We have written leaflets about openingand running a bank account.
They also say how a bank or buildingsociety can help you look after yourmoney.
Paying bills and buying things
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To get a copy or any other informationplease contact us:
Telephone:
0300 500 5000
Typetalk:
1800 1 0300 500 5000
Website:
www.moneymadeclear.org.uk
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Direct Debits
This is a way of paying money everymonth towards bills like gas or electricity.
A direct debit says a person or companycan take money from your account.
You agree how much they can take andwhen they can take it.
You set it up with the company who sendyou bills.
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Standing orders
You can use a standing order to paysomeone money from your bank accounteach month or year.
You tell your bank how much to pay theperson and when to pay it.
You set this up with your bank or buildingsociety.
Chip and signature cards
Your PIN is a secret number that you typein to the keypad when you use a bank cardto get cash or to pay for things.
If you find it hard to remember your PINnumber or use a keypad you can ask yourbank or building society for a chip andsignature card.
You put your card into the machine in theshop and sign the slip instead of using anumber.
My Bank
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There are ways that someone can help if:
l you have trouble doing some thingswith your money
l there are some times when you find itdifficult to look after your money.
Bank and savings accounts
You can ask your bank to let someone elserun your account and take money out.
This is called a third party mandate.
The money is still yours.
Looking after your money with help
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You can open an account with someoneelse.
Either of you can run the account and takemoney out.
This is a joint account. The money belongsto both of you.
Ask your bank or building society how todo this.
If you have a Post Office Card Accountyou can ask for someone to use youraccount.
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They will have their own card and PINnumber.
The money in the account will still beyours.
You can get a form to set this up from anyPost Office.
Remember to stay safe!
You must set things up properly if youwant someone to take money out of youraccount for you.
The person you choose has their own cardand PIN number.
Do not give your card and PIN number toanyone else.
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Getting your benefits
If you do not want your benefits paid intoa bank account you can have the moneyas a cheque.
Ring the telephone number on lettersabout your benefits to ask for this.
If you sign the back of the cheque,someone else can get the money for you.
It does not have to be the same personeach time.
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Planning for more help in thefuture
You might be ok now but what happens ifthings change and you cannot makedecisions in the future?
There are different ways that someonecan make decisions about money for you.
Power of Attorney
Power of Attorney gives someone powerto make some decisions for you if youcannot make them for yourself.
The person who makes decisions for you isyour attorney.
Getting money from other people
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Ordinary power of attorney
Ordinary power of attorney is used for ashort time if you can make decisions butwant someone to take over.
For example, while you are in hospital.
You can only say you want someone totake over if you are able to make decisionsfor yourself.
The person might look after everything todo with your money or just some things.
You can ask for this to stop at any time.
You will need to talk to your bank and aska solicitor to set it up.
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Lasting power of attorney
You can only set this up while you canunderstand what it means and you arestill able to make decisions.
It can start straight away or when youstop being able to make decisions foryourself.
You have to choose who you want to takeover if you cannot make your owndecisions.
In England and Wales this can be fordecisions about your money, your care, orboth.
You have to say which decisions theperson can make.
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The person must be someone you cantrust.
It can be 1 person or more than 1.
It is a good idea to say who you want totake over if 1 person dies or cannot beyour attorney any more.
The person must always think about whatyou want when they make decisions foryou.
The same thing can happen in Scotlandwhere this is called a continuing power ofattorney.
In Northern Ireland it is called anenduring power of attorney.
This can mean a lot of work for the personwho takes over.
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You must make sure they are happy to doit and know where you keep all your bankinformation.
You can get more information from theOffice of the Public Guardian:
in England and Wales:
Telephone:
0300 456 0300
Website:
www.publicguardian.gov.uk
in Scotland:
Telephone:
01324 678300
Website:
www.publicguardian-scotland.gov.uk
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In Northern Ireland, you need to contactthe Office of Care and Protection:
Telephone:
028 9072 4733
Website:
www.courtsni.gov.uk
You can stop the power of attorney at anytime while you can still make decisions foryourself.
If you cannot make decisions for yourself,the court has to say if it can be stopped.
The contact details for theCourt of Protection are:
Telephone:
0300 456 4600
Website:
www.hmcourts-service.gov.uk
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If you cannot make decisions
If you are not able to make decisions foryourself you cannot set up a power ofattorney.
A friend or member of your family can askthe Court of Protection to let them makedecisions for you. Their contact details areat the bottom of page 25.
In England and Wales this person is calledyour deputy.
In Scotland this is called a guardian and inNorthern Ireland this is a controller.
?
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Setting up a trust
The person who is looking after yourmoney should plan what happens if theycannot do this any more.
One way of doing this is to set up a trust.
This means family members or a companymanage the money and make sure youhave everything you need.
You need to talk to a solicitor aboutsetting up a trust.
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What to do if things go wrong
Talk to the police if you think someone isstealing your money or not using itproperly.
Power of attorney
If you or you family have any worries orquestions, talk to:
l The Office of the Public Guardian
l The Court of Protection
Their contact details are on page 25 of thisguide.
What to do if things go wrong
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Problems with banks or buildingsocieties
Try to sort things out with the bank orbuilding society.
If you are still not happy, we have a leafletabout how to complain.
To get a copy or any other informationplease contact us:
Telephone:
0300 500 5000
Typetalk:
1800 1 0300 500 5000
Website:
www.moneymadeclear.org.uk
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Standards
This guide has been designed and produced bythe EasyRead service at Inspired ServicesPublishing Ltd.
It meets:
l the Government’s new EasyRead guidance
www.tinyurl.com/dhEasyRead
l the European EasyRead standard© Inclusion Europe
www.tinyurl.com/eurostandard
This guide has been checked for accessibility bythe Making It Easier Group of adults withlearning disabilities.
Artwork is from the Valuing People Clipartcollection and cannot be used anywhereelse without written permission fromInspired Services Publishing Ltd.
www.inspiredservices.org.uk
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