How can I help my elderly parents to protect themselves financially?

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There's a long background story here which I won't go into but suffice to say we (my siblings and I) are all horrified that my DDad has signed a contract for work (house) that he cannot get out of.
There may have been a slim chance of over turning the contract but as it would involve solicitors my DDad had decided to go ahead with it.

We are now waiting to see if the work is carried out in a timely manner and to good standard.
I'm not 100% of the details but we think there was work proposed that really didn't need doing.

Anyway. It is very out of character for my DParents, he (DDad) especially is usually very methodical and measured.

So , we're wondering what can be done to protect them? I don't think PoA is needed just yet but can the Bank do something to put a stop or a delay on any transactions?
Not stopping him spending or anything, we (myself and DDad ) went out in May to buy a tumble drier. I looked online then we went to Currys and he bought it (£200 or so)
He was going to change his car (2002 model) to upgrade ( not new but new-er) but had the MOT , some work done it passed so he said "I might as well keep it )

So you see he doesn't just lob his money around . Which is why we're that he's done this recent purchase and we're thinking he was pressured but cannot prove this.

If you've got this far , well done

we don't live near which is another problem but I will hoik him into the bank when I next see him.

How does your dad feel about his "purchase"? Does he feel he was pressured? Or has he had a change of mind? Because if you don't think that PoA isn't needed yet, then he has the mental capacity to make decisions for himself that don't put him in danger of being abused.

I don't think the banks can do much unless instructed by the account holder, and as your dad is sound of mind and not diagnosed with any mental incapabilities they won't freeze his account unless he starts making out of character lavish purchases which are out of character.

This may be just have to be one of the things you learn from and it may or may not become worse if he does have a problem. I'd keep an eye on his purchases by suggesting Internet banking and regularly having a look at his balance (if he allows it). My dad was pressured into getting insurance for the sky dish and giving money to charities, but those were easily blocked once I got on the phone to them. He has full on dementia now and we have PoA and control over his bank accounts and everything else.

Sorry I can't be of anymore help. Sometimes these things are just something we learn from and then we make changes to make sure it doesn't happen again. Dealing with elderly parents is really like parenting all over again.

Can you be more specific?
If it's something like upvc Windows then trading standards are used to dealing with them!

Whose he being pressured by ?

I have PoA for my mum but she is still mentally capable so it's more a pre-emptive thing

You could get in touch with Age UK or Trading Standards if you feel your Dad was coerced or put under pressure to enter into this contract. I think it would be a good idea to report these people as it's very possible your Dad isn't the first person they've put pressure on and they need to be stopped. Especially if they approached him first. They need to be stopped.

Who sold this contract to him. It may have been a scam and you could file a complaint with the ombudsman.

If your parents are still mentally sound then they have to be in control of financial decisions unless they agree to sign over control to you. CAB can help as they run trading standards and can advise on the options for your parents. You cannot just take over and arrange things though you will need your Father to take initiative and be involved with any decisions.

If high pressure sales techniques were applied over the phone or in person then maybe there is a trade association/ ombudsmen to appeal to if the company is properly accredited. Again CAB will be able to advise on how to complain, provide sample letters and support to your parents and you.

This is a really difficult point in your relationship - been there, got the scars. The world provides for black and white - either your dad is capable of handling all his affairs alone, or you have poa and do all the decision making for him. But we both know life's not like that, there's this long stretch of grey where you suspect his decision making is going astray or where he increasingly asks for help but you aren't in a position to do anything 'legal' about it.

Regarding this contract, if he wants out and he signed the contract at home he has a 14 day right to cancel. Past that date I think you'd really need to take legal advice and that's his decision. How does he feel about it?

Longer term, I believe the bank can put things in place e.g. Payments over xxxx need a cosignsture, but is he happy to accept this level of interference from his kids yet?

It's all a bit of a nightmare really, pil is happy for us to take over their day to day financial transactions, having just accidentally cancelled his and mil's car insurance leaving them driving uninsured for a few days, but mil isn't.