Going through an inheritance or probate process can be long and difficult. An already strenuous situation to be in, the length of time it can take only adds to this. In 2021, though, these processes are taking much longer than usual and the knock-on effect it is having sees 30% of Britons unable to cover the cost of the funeral for their loved one.
Depending on the service, a funeral can cost over £5,000 and, while you cannot put a price on celebrating a loved one, this number has become increasingly harder to reach, especially throughout the Covid-19 pandemic. As such, many Britons often turn to their inheritance or probate to facilitate the expenses. Tower Street Finance recently stated that one in seven individuals would rely on the inheritance to cover these costs so any delays in this process could cause a significant problem and added distress. The result is a growing dependence on personal loans or paying for the expenses with credit cards; short term solutions that can pose long term issues. Funeral loans are typically available at short notice, allowing you to quickly secure the funds to pay for the service, one of the many reasons why they are such a common option. They can also offer more in the way of flexibility than other available loans; you can outline the rate of your repayment and, on top of that, often pay back the excess earlier than arranged with no additional fees (although this will vary from lender to lender). There is, however, the chance that a funeral loan may not be your best option to cover these costs. These types of loans can often carry very high interest rates, in part due to you oftentimes not needing to provide any upfront collateral. There is also the issue that the service that the loan is being used for cannot be repossessed or returned in some capacity which means lenders need to ensure they will recoup the funds leant - higher interest rates is how they can do this. This is often the case for applicants with poor credit history, though, however it is still something to be aware of. Covering the costs of a funeral with a loan is a quick option that may raise some issues down the line. Paying for a funeral with an inheritance is an option that is taking longer than ever before. The stress of working with probate companies only adds to the problems you may be facing at what is sure to be a difficult time. If you are due to inherit the property of your recently lost loved one, you have the option of selling this home in order to cover the cost of the funeral. As time will be of the essence, contacting a home buying service can help save you the time and uncertainty that the open market often provides. Companies such as Spring, for example, have over a decade of buying probate properties and dealing with the complexities involved in this process in as little as seven days. We buy any house and work to make sure you have as little difficulty as possible. To find out how we may be able to help you, contact us today. ← RETURN to BLOG/STORIES
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