Helping you take control of your money and debt, get free debt advice, and advice for how to borrow affordably and wisely. This article will help you understand your options for when you need someone else to manage your money. It provides an overview of what your elected person is responsible for, some advice for them on how to manage your money, and the most important facts to consider before making any arrangements.
Someone can only deal with your financial affairs if you give them written permission or they have the legal authority to do so.
If you would like help from a family member or friend with paying your bills, there are some bills that are more important than others. You should always make sure priority payments are made (such as rent, mortgage, council tax, gas and electricity) before paying any non-priority payments (such as credit cards or unsecured loans).
A ‘third party mandate’ or signed letter of authority gives your carer, friend or relative permission to operate your bank account for you.
If you need help claiming or collecting benefits you could choose a trusted friend, relative or your carer to become your ‘appointee’.
You can grant someone a ‘Lasting Power of Attorney’. This would allow them to make important decisions about your finances if you lose capacity to make decisions about your money.
If you become very unwell and lose capacity to make decisions about your finances, a carer, friend or relative can apply to the Court of Protection to become your ‘Deputy’.