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It’s Not Cheap to Die: The Cost of Funerals

The Cost of Funerals

Timothy Leary saidThe most important thing you do in your life is to die.”

And while it may have been true for Timothy, many of use would prefer to think of other important things to do, while we are alive.

However, the fact remains, “no one here gets out alive” as per Jim Morrison, we all at some point in time will die.

And death may not be proud, but death is also not cheap.

The average cost of a funeral is almost £4,000, and if you wish to be buried and not cremated in London, that cost rises to as much as £13,000.

Makes a Viking funeral look more attractive.

However, this “cost factor” has changed how we prepare and have funerals.

Many people are pre-planning their funerals, paying in instalments or in advance, so that when they die their family is not burdened with the expense of a funeral.

Many of us are opting for direct cremation, where once we die our bodies are taking direct to a crematorium and cremated. And no fancy ceremonies.

There also is life insurance, having life insurance in place to cover the cost of a funeral, again as to not leave our loved ones we have left behind in a financial mess over paying for our funeral.

According to research done by Royal London, 12% or 74,000 families “struggle to cover the costs of saying goodbye to loved ones”.

Families were going into debt, and needing to borrow money in order to pay for their loved one’s funeral expenses.

There is help from the government for funerals, however not all will be eligible. In addition, there are caps on what will be paid for and covered.

The report by Royal London states, “The eligibility criteria for the benefit are complex; open to a relatively small number of people in receipt of qualifying benefits, who then have to submit a lengthy claim form with evidence that is assessed. This processing takes on average 18.6 days, nearly four weeks.”

Most consumers consider costs for services delivered by a funeral director such as a coffin and collection and care of the deceased to be essential components of a funeral. [The] Department for Work and Pensions do not consider these to be “necessary” elements meaning that if a funeral director is used their fees would need to be paid out of the £700.

Some councils provide “public health funerals”, however, there may not allow anyone to attend, and the ashes may not be returned to a family member unless payment is made.

A sort of posthumous extortion.

If a family member has not pre-paid their funeral expenses, or has life insurance, the options for burial and a funeral become limited.

The family can try to all pitch in and come up with the money, or one or more can take out loans to cover the costs.

There also is the option if the deceased has assets, of selling those assets to cover the funeral expenses.

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Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.