Bereaved families overcharged by banks

Families dealing with bereavement are being warned that they could face further heartache as banks and unregulated probate firms overcharge to execute their loved ones estate.

An investigation by Moneymail and consumer group Which? found that high street banks often charged nearly twice as much as solicitors for probate services.

It also found that many grieving families had been subject to 'hard-sell' tactics and that unregulated firms were giving poor advice.

The report said that high street banks often lured people in with cheap will writing services and then automatically appointed themselves as executors, paying themselves a high fee to deal with the estate.

Kevin Still, director of Atlantic Financial Management, says: "Dealing with a bereavement in the family can be extremely stressful and upsetting, especially for the next of kin.

"Many people with debt problems often haven't provided for their funeral or associated costs of dealing with their estate, which may include personal debts. Taking proper advice is important and it needn't be expensive to have peace of mind."

Debt problems - raising children

28/02/2011

More people in the UK appear to be suffering from the debt problems brought about all because of the ...

Save to counter debt problems

13/01/2011

Consumers living in the UK who are currently trying to navigate the tough financial climate right no ...

Debt problems should be hit early

10/01/2011

Consumers struggling with debt problems should start the year as they mean to go on by tackling thei ...

Scots' debt problems – loan sharks

06/01/2011

The Scottish government is warning people who face debt problems north of the border not to be tempt ...