Pre paid funeral plan with Safe Hands

MrsH77

My husband and I are 6 years into a 10 year pre paid funeral plan with Safe Hands - between us we pay £80 a month .
 The FCA are now regulating funeral planning for the industry  but Safe Hands have withdrawn their application - new customers are warned not to buy a plan from them . But what about current customers like myself? Do I continue to pay my monthly standing order whist Safe Hands let us know if  they will be saved by a bigger companyb( like Co-op) . If I cancel now I stand to lose nearly £1,000 on cancellation fees - but nor do I want to throw good money after bad . We have paid in almost £5,000 to date 
Alll their web site says is they will
be in touch with current customers but my standing order is due out on 1 st of the month ….. 
advice please please!

SeniorSam

Have you tried speaking with the FCA or with Trading Standards, as they may be able to offer guidance. The monthly payment may need to be paid to prevent you being in default. Perhaps speaking with the Co-Op as they may also offer some guidance.

sargentchris

I'm in the same boat and plan to keep up my monthly payments. If you stop paying you will default (possibly not the right word) and stand to lose a lot more.
Safe hands do say that funds are held by a trust so should be protected and I expect to either be moved to a different  provider (with the choice to cancel) or get a complete refund of monies paid.
What I don't understand is why SH don't want to be part of a regulated industry. 

SeniorSam

You could ask for a copy of the Safe Hands Trust that the funds are kept in.  This is a reasonable request and should not cause concern to the company if they are acting in a proper manner. In fact it would be an advantage to the company to advertise it and offer copies as part of their sales policy.

If they refuse a copy or alternative suitable information, then that may be the time to be concerned

SeniorSam

News of more disappointment of Safe Hands in the Sunday Mail today.

sargentchris

So letter from administrator received this morning. Seems that the trust fund, supposedly used to secure funds, doesn't have enough in it to refund everyone.
In the sales blurb in clearly says that in the event of the business going under all moneys ringfenced and secure. Obviously mis-sold.

Amyada

I have just received the same letter, I paid my plan in full on 11th Feb and Safe Hands Funeral Plan withdrew their FSA application on 15th, then went into administration on 23 March, They must have know when taking my money they were in financial difficulty but still took over £3k from me.. I have very little hope we will get money back 

Geoff2210

Cancel direct debits immediately. Facebook have set up a members group for all those that have paid in. We stand to lose over £4000. Contact your MP, in the hope that the government steps in. FPA, to which Safe Hands was a member and supposed to guarantee funds, have now refused to honour that promise

sargentchris

DD was cancelled yesterday. Will have a look for the FB group.

Safety1

Geoff2210 said:

Cancel direct debits immediately. Facebook have set up a members group for all those that have paid in. We stand to lose over £4000. Contact your MP, in the hope that the government steps in. FPA, to which Safe Hands was a member and supposed to guarantee funds, have now refused to honour that promise

Do you have a link to the FB page ? Both of us have safe hands policies as do my in laws . 

TIA 

p00hsticks

Safety1 said:

Geoff2210 said:

Cancel direct debits immediately. Facebook have set up a members group for all those that have paid in. We stand to lose over £4000. Contact your MP, in the hope that the government steps in. FPA, to which Safe Hands was a member and supposed to guarantee funds, have now refused to honour that promise

Do you have a link to the FB page ? Both of us have safe hands policies as do my in laws . 

TIA 

https://www.facebook.com/groups/safehandsaction/