UK funeral company goes into administration – £10,000 loans to families | UK | News

A UK funeral firm has collapsed into administration, leaving behind loans to be repaid by bereaved families. Funeral Safe was established in 2016 and authorized by the Financial Conduct Authority in 2017.

However, after it went into administration on May 6, it is now closed to new lending and is no longer accepting new applications.

This follows the closure of most service sector companies in the UK this year alone.

The company, which has been operating for a decade, has now had to ensure families with loans of up to £10,000 have clarity and know their next steps.

Funeral Safe previously offered loans from £500 to £10,000. However, those with loans from the Funeral Safe will need to continue their existing repayment arrangements as usual. Monthly payments will continue to be collected on the same day each month as originally agreed upon.

Kroll’s co-administrators stated that funding would still be provided to those whose applications were approved before the administration date.

The website states: “If you have a Funeral Safe loan, your current repayment arrangements continue unchanged at this time. Monthly payments will continue to be collected on the same payment date each month.

“If you applied for financing before the administration and your application is approved, your loan will still be financed in the normal course. However, there may be some delay in paying the bills.”

Geoff Bouchier and Benjamin Wiles of Kroll Advisory Limited have been appointed Joint Administrators of the Funeral Vault.

With the Funeral Fund now closed, people looking for alternative ways to cover costs may consider the Government’s Funeral Expenses Payment. This can provide up to £1,000 for various costs, including funeral or cremation fees.

Funeral Safe has been contacted for comment.