Financial and economic abuse | Chelsea Building Society
Financial and economic abuse explained
Financial and economic abuse are forms of domestic violence. This type of abuse can happen when someone restricts your financial freedom. This could be a partner, family member, parent, carer or friend.
Financial abuse
Examples of financial abuse could be if someone:
- Insists their name is added to your bank or savings account
- Stops you accessing your accounts
- Insists you give them your salary or benefit payments
- Runs up debts in your name, with or without your knowledge
- Forces you to put all household bills in your name and/or refuses to contribute
- Cashes your pension or cheques without your permission
- Doesn't let you earn or spend money without their permission.
Economic abuse
Examples of economic abuse could be if someone:
- Stops you from going to work, college or university
- Isolates you – doesn't allow you to access a phone, car, or other utilities
- Doesn't allow you to buy pet food or access care for your pet
- Forces you to go to the family courts so you have to pay legal fees
- Makes work, education or training difficult, so you’re financially dependent on them
- Damages possessions which you have to replace
- Makes it harder for you to pay for food, transport or other essentials.
How we'll support you
We'll listen and make sure we understand your situation. Then, we’ll suggest ways we can help you get control of your accounts. These may include:
- Opening a new account in your name only
- Helping you to update your contact details, so any information is only sent to you
- Adding extra passwords or limits to your accounts to give you extra peace of mind
- Helping you choose a different way to manage your account
- Giving you longer appointments, more time to make decisions and a private discussion room when you visit us in branch
- Helping you stop any further debt in your name
- Speaking to third parties on your behalf.
If you are worried your money is at risk, please let us know as soon as you can. You can ask for help at your local branch or give us a call. If you're registered for online services, you can also send us a secure message.
To help keep you safe, we'll never contact you directly when you ask us for support relating to financial and economic abuse.
More information
If you’re affected by domestic abuse, there are organisations who can support. From helping you find a safe place to getting you the legal advice you need, there's so much practical assistance available.
- UK Finance - It’s your money
- Surviving Economic Abuse (SEA) – a UK charity which raises awareness of economic abuse. Together with the Money and Pension Service, they have a free helpline (0808 1968845, Mon-Fri, 9am-1pm and 2pm-5pm). If your first language isn’t English, an interpreter is available. More information is available at https://survivingeconomicabuse.org/what-we-do/financial-support-line/
- If you’re worried that loans or credit cards could have been taken out in your name, you can check your credit file. There are three main credit reference agencies you can contact:
Bright Sky is a free mobile app. If you're in an abusive relationship or worried about someone, they have a range of tools to support you.