What is funeral finance?

Funeral finance is a type of credit agreement that allows you to pay for a funeral in monthly instalments, rather than having to find all of the money immediately. Funerals are often unexpected and understandably many people do not have a few thousand pounds lying around.


Why would I be interested in funeral finance?

Funeral finance is useful for anyone who doesn’t have the cash available to pay for a funeral then and there. This could be because of delays with probate or life insurance payments, which typically take six months to come through, or simply because your savings don’t stretch to cover the total funeral cost.

The average cost of a funeral is around £3,879, whereas the average family in the UK has only £3,314 in total savings. By taking out funeral credit, you can pay what you can afford to at the time of the funeral, and pay off the remainder in monthly amounts.


What are the benefits of funeral finance?

Funeral finance can benefit you if you are arranging a funeral in a number of ways.

If you know you can afford the funeral, it means you can arrange finance and not worry about having to find all the money in one go. For example, you may prefer to pay the funeral out of a regular monthly salary rather than pay for it out of savings.

Secondly, our funeral credit options are flexible and can be tailored to your personal circumstances. A lot of people prefer to repay the full cost over 12 months, but if you need longer you can choose to spread the cost over as long as 48 months.


Can funeral finance be used alongside other funding sources?

There are many ways to get help with funeral costs. Funeral finance just acts as a loan which gives you breathing space as you gather money from various sources, such as DWP support, probate, crowdfunding or insurance.



Who is eligible for funeral finance?

You will normally be considered for funeral finance if you:

  • Are at least 18 years old
  • Are in regular full or part-time employment (which is considered to be a minimum of 16 hours per week or £5,000 per annum, unless you are retired and receiving a private pension or in receipt of disability allowance)
  • Are a permanent UK resident and have lived in the UK for at least 3 years
  • Have a UK bank account capable of accepting direct debits
  • Have a good credit history with no late payments, debt relief orders, CCJs, IVAs or bankruptcies
  • Have an active email address


What personal details are required for the credit check?

To complete a finance application, you will have to successfully pass a credit check. You’ll need to provide:

  • Your name
  • The last three years of your employment history
  • Your current occupation and income details
  • Email address for the loan documents
  • A payment card registered to your current address


What happens next if my application is successful?

Once your finance application is approved, you will receive emails from us containing your finance documentation. From there, we handle everything else, paying the director in full so that they can make the arrangements on your behalf. Recently, we’ve removed the requirement for a deposit, so you won’t have to make any payments until about a month later.


What happens if I fail my credit check?

We will put you back in touch with your chosen funeral director, who will discuss alternative means of funding the funeral with you, such as DWP support and crowdfunding.


How do I make the monthly repayments?

Monthly repayments are made via direct debit which is set up during the phone application.


What if I change my mind and want something different?

It is possible to change your funeral options, even if you’re paying for it with finance. This would involve first discussing the changes with your funeral director so they can amend your quote. After that, contact the team at Beyond and we will alter the finance as required. Depending on the amendment, this can often be approved without any further credit checks.


Can I cancel?

If you wish to cancel the finance plan, there is a 14-day period after paying the deposit during which you may cancel the finance agreement. However, this does not mean that you have cancelled your funeral arrangements and you will still need to pay for any costs required by the funeral director through an alternative means of payment.



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