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Spotting strange financial decisions early

by Natasha Morgan | Nov 24, 2020 | in Banking and dementia

This challenge is posted on behalf of someone who wishes to remain anonymous:

We didn’t realise at first, but when my dad was diagnosed with Dementia, he developed unfounded thoughts which lead him to almost gave all his money. Strange financial decisions can be ‘invisible’ in the early stages of Dementia when not even family would recognise something was wrong, let alone banks. How can we help prevent people from making poor financial decisions in the very early stages of dementia, even before diagnosis?

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Jelly John Nov 27, 2020

I totally agree. In retrospect my mum had symptoms of dementia 2 years being diagnosed.
In that time she signed up for 3 separate credit cards and offered loans, which she accepted. All high interest rates.
Only recently have we found the paperwork - oh my goodness !!!!
To be fair she made regular payments....and dated and signed each statement when she paid them. She must have felt SO stressed, bless her.
It was really sad to see her signatures/writing deteriorate over time, then she was admitted in to a nursing home.
We left it to late to get POA and banks won't deal with us. They said we need a Court Protection Order, meanwhile she is paying account fees for benefits she has never accessed nor ever will.