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ACBF (Youpla) funeral funds have gone broke: What it means for you

 

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A popular funeral fund – the Aboriginal Community Benefit Fund (ACBF) (Youpla) – has gone broke, which has left thousands of people  without a funeral insurance policy, Mob Strong Debt Help says.

Here are some steps to take if you or a loved one may be affected.

Remember: If you’re feeling distressed, you can always make a free call to Lifeline on 13 11 14. 

If you had a policy with ACBF / Youpla

All ACBF / Youpla funds are now in liquidation, which means people who had policies will no longer receive funeral cover, according to the Australian Securities and Investments Commission.

Several organisations, including Mob Strong Debt Help, are working to get the government to help out. You can keep an eye on updates on this Facebook page.

According to Mob Strong Debt Help, some policyholders may be able to recover some money from Fund 1 or ACBF, but it depends on how much money is left in it – that’s still unknown. Fund 2 didn’t have much money at all in it, the legal group says.

If you’re still having money taken out of your bank account by ACBF / Youpla

Mob Strong Debt Help says you should call or email your bank to tell them to stop taking payments IMMEDIATELY.

If you don’t know which fund you were with/ think you were with Fund 2

If you don’t know which fund you were with/ think you were with Fund 1

What is a proof of debt form

When a company goes broke or bankrupt, people who were owed money from that company can lodge what’s called a proof of debt form. The form tells the people who are investigating the company – and how much money the broke company had remaining – that a set amount of money is owed to certain people.

If you want free legal advice

A number of groups are working with First Nations people to try and help them. However, they are receiving lots of calls and emails, so they may take a little while to get back to you. Here are some contacts provided by Mob Strong Debt Help – 1800 808 488

This article is not personalised financial advice. 

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