rocky1
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Post by rocky1 on Mar 27, 2022 7:46:55 GMT
just found out that safe hands plans ltd have entered administration leaving 46000 customers in the lurch regarding pre paid funeral plans.a few years back i also paid a large 4 figure sum to this company to cover everything involved for both me and my wife. i think it gave us piece of mind knowing that all our children would have to do is make a phone call to safe hands.it turns out the company has not been FCA regulated since jan 21. from july 22 all funeral plan providers will have to be FCA authorised and regulated.if any one else has plans you might want to dig out your paper work and check that your providers are not slowly going under.did not really need this extra worry at this time but will just have to wait another 8 weeks for administrators to find out the true state of what has happened here.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Mar 27, 2022 21:24:35 GMT
Unfortunately I always saw these as a Pyramid / Ponzi Scheme a big percentage of what people pay in goes on staff wages and running the company so in effect they rely on getting new customers every year.
To be honest I can see there being very little available, and from seeing what administrators have taken from businesses that I've seen go under with my P2P investments they have a tendency to consume every penny in assets in their costs.
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Post by overthehill on Mar 27, 2022 21:45:55 GMT
Never, crazy. The insurance industry always looking for new growth areas for insurance that nobody needs. At least you're not alive to experience getting ripped off like other financial scams.
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keitha
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Post by keitha on Apr 16, 2022 22:09:14 GMT
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iano
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Post by iano on Apr 16, 2022 23:53:14 GMT
I've seen some garbage happen in P2P-land which has jaded me to the point where I thought I couldn't be surprised but (although another industry) this is absolutely outrageous. I was foolish enough to think that the funeral industry was already regulated - let's face it, it's the ultimate monopoly you don't get to opt out of.
Already signed the petition. I'm still just about young enough to not really be thinking about how my death is managed but for those that have, to find out your purchase of what must be the last product you ever wanted to buy is a bust must be horrendous.
My Granddad had it right, stick me in the bin and be done with it - although admittedly with his plan at least he never had to worry if it was general refuse week or paper and bloody cardboard.
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rocky1
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Post by rocky1 on May 19, 2022 8:35:03 GMT
administrators latest. very complex and time consuming exercise. anticipate significant shortfall as millions held in illiquid offshore funds and other stuff.plan holders are unsecured creditors and by by the time we have all taken our fill the estimated outcome will be 10p/20p in the pound. our fees so far from 23march to 30april circa £500k and legal fees so far circa £100k.what the hell was i thinking all that time ago. bloody safe hands/funding secure/saving stream[lendy]/moneything/coll etc. legalised white collar strokes pulled on ordinary people followed by more with legals/receivers/administrators etc.
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keitha
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Post by keitha on May 19, 2022 9:32:46 GMT
It does seem that in a huge majority of cases administrators seem to consume the entire assets of the company.
Assisted I might add by Auctioneers, I have a friend who works for one, as a member of the Public, If I sell an item through them via auction I pay about 10% commission, however he tells me that if they are doing a commercial liquidation the going rate is 20% plus VAT !
So they sell the assets of Johns woodworking for £1 Million The Auctioneer takes £200,000 + £40,000 VAT, the Liquidator takes another 5-10% for arranging the sale so the credit is as little as 70%, and having purchased from these auctions items will sometimes sell at a pittance, For example I purchased an AVAYA telephone system and 10 phones for £2 I sold the 10 phones at £15 each ( which was seriously cheap ), and the system I sold for £180.
The sad thing sometimes is that the original owner of the items will sometimes be bidding trying to get tools or whatever so they can try to restart in business.
I have even seen at live auctions very distressed people trying to buy their own goods back that have been seized by bailiffs etc
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travolta
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Post by travolta on May 19, 2022 10:51:43 GMT
They are shockers . Buried my parents in the back field .Cost me less than £200 (for paperwork) . These plans leach on the least able ,honourable folk who probably have little to spare . Funerals are such a waste of hard earned money .
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mogish
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Post by mogish on May 19, 2022 12:08:48 GMT
They are shockers . Buried my parents in the back field .Cost me less than £200 (for paperwork) . These plans leach on the least able ,honourable folk who probably have little to spare . Funerals are such a waste of hard earned money . I've thought about this in the past. After witnessing family funeral costs at 3k for basic funerals and recently 2k fir a coffin, what are the rules for "diy" funerals assuming you own the land? It seems most crematorium manage 4 to 5 funerals a day, pretty decent revenues and recession proof! Prob a great investment. Joking aside, is it not time funerals were changed and relatives given alternative options? It must be the only industry where customers are less likely to haggle.
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Mike
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Post by Mike on May 19, 2022 19:51:31 GMT
They are shockers . Buried my parents in the back field .Cost me less than £200 (for paperwork) . These plans leach on the least able ,honourable folk who probably have little to spare . Funerals are such a waste of hard earned money . I've thought about this in the past. After witnessing family funeral costs at 3k for basic funerals and recently 2k fir a coffin, what are the rules for "diy" funerals assuming you own the land? It seems most crematorium manage 4 to 5 funerals a day, pretty decent revenues and recession proof! Prob a great investment. Joking aside, is it not time funerals were changed and relatives given alternative options? It must be the only industry where customers are less likely to haggle. You can pretty much do what you like, so long as you tick a few boxes. Even mummifying and driving round with them (without crossing the border into Scotland/England). But if you self-bury there's an obligation for the landowner (and any future landowner) to keep a register of who is buried there. You might find it puts people off and they could also get permission to move the body (in any case even if it's not moved will you/others have access if the land is sold?)
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travolta
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Post by travolta on May 20, 2022 17:21:26 GMT
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Post by overthehill on May 23, 2022 20:38:53 GMT
Seemed like an appropriate thread. Probably never crossed his mind.
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rocky1
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Post by rocky1 on Dec 21, 2022 17:35:27 GMT
SAFE HANDS UPDATE. £7 million recovered so far from offshore entities. admin/solicitors already deducted over £1 million with plenty more costs to come. over 34 thousand phone calls which meant administrators staff were having to man the call centre phone lines .maybe 10p in the pound for all plan holders by the time the feeding frenzy finishes.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 21, 2022 22:37:45 GMT
Remember if these are Insolvency Practitioners staff answering phone, they charge even admin staff at £100 plus per hour.
Honestly it never ceases to amaze me that KARMA Furniture goes bust, and people say no-one answers the Phone, or emails and they are not responsive on Twitter, Facebook etc.
The company is bust all the staff are laid off, who do they think will answer phones, Facebook etc etc.
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keitha
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Post by keitha on Jun 5, 2023 11:31:49 GMT
From Moneybox last night dignity and Co-op are offering Safe hands customers cheap plans, but both offers expire soon. I like moneybox see many people saying I've been stung once ...
Administrators say they are looking at recovering 10p in the £, mentioned tracking assets in the Cayman islands was difficult
was mentioned that several other funeral companies have been refused FCA accreditation and are winding down/transferring plans to approved providers
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