Cancer: how to manage your money when you're unwell
If you've been diagnosed with cancer, one of the biggest struggles is keeping your finances in order. Here are six tips to help you or a loved one manage your money throughout treatment.
Cancer is an emotionally tough time in someone’s life, and that’s before they’ve even started to think about the financial fallout of their diagnosis.
Money matters
Astonishingly, only 11% of people who are diagnosed with cancer will turn to their bank for support even though finances are a patient’s second largest concern when receiving treatment.
Cancer charity Macmillan says its support line is 25 times more likely to receive calls about financial issues than those related to death or dying.
Of course, many sufferers have to take time off work to travel regularly for treatment, leaving four in five an average of £570 a month worse off because of their illness.
There are also lesser thought about costs to consider like buying extra clothes for when they gain or lose weight and increased heating bills if their body feels colder when they’re unwell.
Family members often have to take time off to care for their loved ones too. Lloyds’ care line receives two-thirds of its calls from the patients themselves while the other third come from family members.
People often don’t turn to their bank because they don’t know what to expect or they think that revealing their diagnosis might lead to negative consequences. This is likely to worsen the stress that the person is already feeling.
When cancer strikes – three times
Sam Geddes and his son, Rudy
Photo credit: Macmillan
Sam, who comes from Kent, had his first experience of dealing with cancer through his brother.
After being beaten up at a music festival, his brother had to get his jaw realigned and the X-ray picked up on an undiscovered pituitary gland tumour. Sam was keen to learn more about the condition.
“I was craving information, but I didn’t want to go on the internet and find random stuff,” said Sam. He found Macmillan’s support invaluable in helping him handle the situation.
His son had also started vomiting six times a day and was becoming increasingly listless. Doctors at Great Ormond Street found a tumour the size of a golf ball and he was treated with chemotherapy.
Shortly afterwards, Sam noticed a pain in his left testicle. He didn’t go to the doctor straight away as many of the doctors at his local GP were women. “You can imagine the rest,” he chuckled. When he eventually went, they found that he had a tumour as well.
He was looking for a familial cancer link but came to the conclusion that they were just unlucky.
“My life was a mess. I was shell shocked,” he says.
Getting help
After letting the news sink in, Sam got back in touch with Macmillan and he was advised on where to get financial help. Here are six of the charity's top tips for managing your money when you're unwell.
Make a list of your money worries
It’s probably not what you want to be focusing on right now, but it’s important to sit down and have a think about how you’ll be affected by your diagnosis.
Factor in everything from trips to and from the hospital to money lost through taking time off work. Even the little things need to be considered.
“I wasn’t working and I was using my card to buy treats for my son,” said Sam.
Writing down your financial income and outgoings over the coming months is also helpful.
Go to your bank
Customers at Lloyds, Halifax, Bank of Scotland and Nationwide can turn to their bank for bespoke support.
Sam says that negative stories about banks stuck in his head: “I didn’t think you could actually talk to the bank. You get the impression of a self-serving organisation.”
However, there are a few ways your bank can lighten your load.
Cases are treated individually, but help could include:
Payment holiday
The bank can arrange to put your mortgage repayments on hold while you’re going through treatment.
Review mortgage rate
Similarly, it can have a look at how much you’re paying on your mortgage and reduce it while you’re unwell.
Waiving account fees and charges
Some of your accounts may include charges that can be put on hold temporarily.
Refunds
The bank could look at your existing payments and see if there is anywhere you are due a refund.
Sam talks about his experience with Lloyds Bank:
“The advisor went through my accounts, discovering I had been paying a Direct Debit – something I had no idea about. He managed to get me a full refund that same day.”
Phone up instead
Remember that if you’re feeling too fatigued or sick to go in-branch, you can phone up instead. Lloyds, Halifax, Bank of Scotland and Nationwide have helplines with trained operators who know the financial implications of having cancer and can give you personal help. They’re all free to call.
Lloyds: 0800 015 0016 (Monday-Friday 9am-5pm)
Halifax: 0800 028 2692 (Monday-Friday 9am-5pm)
Bank of Scotland: 0800 015 0166 (Monday-Friday 9am-5pm)
Nationwide: 0800 917 23 93 (Monday-Friday 9am-5pm, Saturday 9am-1pm)
Have information to hand
It’ll help both you and your bank if you have as much info to hand as possible. Include passwords, account numbers, security details and information on your personal circumstances.
Have a word with your employer to find out when your sick pay will end and be prepared with information about your medical treatment when you talk to your bank.
Ask someone you trust to help you
It can be overwhelming when you have to handle your finances by yourself, especially when you’re going through treatment.
Having someone to take care of your money and call the bank on your behalf is helpful. Just remember that you would need to authorise this over the phone or give permission through a third-party mandate or power of attorney.
Read: How to set up power of attorney
Get extra help
Aside from help from the banks, Macmillan can provide financial support in by directing you to grants that you may be eligible for as well as financial guides and benefits advisers.
Find out more on Macmillan’s Money Worries site
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