What Could Be The Probable Signs Of Financial Abuse?

May 14, 2024

You have complete liberty to make financial decisions on your own. However, if you observe closely, this does not always happen. You may notice that you receive different types of advice regarding finances now and then.

Constant suggestions on how to spend money and to have complete financial control are very common. These advices are not harmful. However, if you feel like the other person is trying to control or manipulate your decisions, it is financial abuse.

There should be a thin line of difference between advice meant with positive intent and manipulation. If you are aware of it, you can avoid being controlled by others. Above all, you will be independent in deciding whatever is best for your finances.

The signs of financial abuse are shown in the representation below.

There is no point in letting yourself bear the financial abuse. No matter at what point you may realise it, taking steps against it is possible for you. It is not surprising if you are a victim of financial abuse.

It is alright if you were not able to avoid it; getting out of it is still in your hands. This blog is going to elaborate on financial abuse in greater detail. You must stay here to enhance your knowledge regarding this.

How to make sure that you are facing financial abuse?

At times, many of you do not realise or accept that it is financial abuse. For this reason, you must pay careful attention to the potential signs. Even if you realise it late, do not prevent yourself from rectifying your situation.

For example,

You need some urgent money but in trivial amounts. Someone very close to you has insisted on taking help from them. After you received the money, all of a sudden, their attitude changed.

Although they are aware of your situation and agree to mutual conditions, they try to manipulate you by making some strange financial decisions. Now, you might feel like not restricting them because of their favour. You might think of accepting their suggestion despite knowing that it can impact your finances.

This might be a common scenario in your life. You could have avoided such circumstances by choosing a loan option. However, you were hesitant about poor scores and did not research.

As a result, you never thought of applying for a loan with bad credit and no guarantor with a direct lender. You might not have to go through such an ordeal with loans. Thus, taking the right steps is possible if you accept the occurrence of financial abuse.

§ How do you define a financial abuse situation?

You cannot say there is a specific age when you might be a victim of it. Besides, your financial background and the volume of wealth you have cannot make you vulnerable to such situations.

Do you feel your way of managing finances or assets or access to money is being controlled by anyone else? Undoubtedly, this is financial abuse, and you can face it from your partner, spouse, friends or family members. When you have no freedom to decide what you should do with your money, you are a victim of it.

If you do not fight back against it, this situation might last for longer. Therefore, you must recognise its signs and practise the required steps for its dismissal. Take note of the probable signs of financial abuse.

·      Signs of control

This is one of the most common signs of financial abuse. Find out if anyone is trying to dominate you and force you to make financial decisions. Be alert if someone is keeping track of your spending without your knowledge or permission.

Besides, it would be alarming if someone were limiting your access to funds. Be cautious if someone is dictating the way you are spending money.

·     Signs of isolation

Is anyone trying to isolate you from your near and dear ones? It might give them a crucial opportunity to exploit you financially. They will face no problem in taking control of your finances.

When you have no contact with your family members, it becomes easy for them to impose their decisions on you. They might even restrict you from seeking professional advice for your finances.

·     Signs of manipulation

The abuser might resort to tactics to emotionally exploit you. They will try to play psychologically to rule your mind. Unknowingly, you might fall for their trap and manifest anything that they are insisting on.

They might even encourage you to take up costly loan options when you are eligible for inexpensive credit options. One of the ways to tackle this situation is by educating yourself. If you do not know about the existence of no guarantor loans from a direct lender, you will get ready to accept their decision.

·    Signs of intimidation

Intimidation is another strong weapon in the hands of the abusers. It allows them to take over your mind and slowly intimidate your financial decisions. They might try to physically or verbally abuse you.

Their main aim will be to control your mind regarding the ways you manage your finances. They may even make irrational financial demands by forcing you.

Other indications must alert you about financial abuse.

  • Suspicious transactions in your bank account
  • Not able to avail of cash from banking or alternate sources of income like pension
  • A sudden drop in savings
  • Facing denial from loan providers without any reason
  • Someone telling you not to reveal financial matters to others
  • Sudden hostility from family members or friends
  • Getting threatened by financial partners
  • Degrading quality of life
  • A sudden change in personality
  • Indifferent to what is happening with your name and issued form of credits
  • Suddenly losing financial documents like chequebooks, bank statements, etc.,

The bottom line

Financial abuse is a serious issue, and you must not ignore it. This unexpected behaviour might come from loved ones most of the time. As a result of it, your relationship with that person is going to tarnish.

You must confront that person first and do not think that you are a lone victim. There are ways you can seek aid to get rid of this situation.

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