During 2019, the cost of dying increased by 3.4%, pushing more people than ever before into funeral debt.
Last year saw funeral costs and funeral debt both rise to record highs, a trend that looks set to worsen in 2020.
The ‘Cost of Dying’ report by SunLife found that during 2019 funeral costs continued to rise, increasing by an average of 3.4% over the course of the year.
As a result of this, the 2019 Royal London National Funeral Cost Index found that funeral debt in the UK rose to £147m during 2019, that’s an increase of 12%.
Some areas of the country saw more significant increases in funeral prices than others, with the Midlands and Wales suffering more than most. Funeral costs increased by 9.6% in the Midlands and 9.4% in Wales.
The average price of a funeral now stands at £4,417. This figure increases significantly for those living in London, where the average funeral price is £5,963. It is also generally more expensive countrywide if you choose a burial over a cremation.
The same report found that over a fifth of people are borrowing money from friends and family in order to help pay for a loved one’s funeral. Even more worryingly though, a quarter of people are paying for funeral costs using credit card or loans.
Recovering funeral debt
Whilst funeral debt is a sensitive topic, funeral directors must be reimbursed for their services to prevent them from falling into financial difficulty.
Of course, the collection of funeral debt from bereaved families must be handled delicately and ethically.
Here at Churchill Recovery, we work with individuals to create manageable and realistic payment plans to help them to pay off their funeral debt.
For more information about our funeral expenses debt collection service, give our team a call on 0333 320 0748 and we’ll be happy to help.