According to The Money Saving Expert’s guide to mental health and debt 40% of people who have had mental health problems also have severe or crisis debts.
Often, the reason that people get into debt is not due to careless spending, it is due to lifestyle reasons such as not having enough income to cover outgoings, struggling to organise finances, and major life changes such as losing your job or losing a loved one.
Although very common, the link between debt and mental health is not often discussed. Just as debt can lead to issues with mental health, existing mental health issues can lead to problems with debt.
Research by the Money and Mental Health Policy Institute shows that dealing with mental health problems can make it difficult to deal with money from day to day, including the need to make calls or open bills in the post.
In other cases, a person may need to take time off work when admitted to hospital, which can lead to a dip in income whilst making it difficult to keep on top of bills.
But debt can affect anyone at any time, and if left in a situation that gets worse, this is when debt can lead to mental health issues such as anxiety and depression.
If you or somebody you know is struggling with debt and mental health-related issues, there are processes in place to provide help and support, including having the debt written off in very serious situations.
If you are currently in debt crisis, the key thing to remember is that no debt problem, no matter how severe, is a problem that cannot be solved.
We meet people every day who have acknowledged that their financial concerns are getting on top of them and who are interested in seeking professional financial advice in order to help them get back on the path to financial freedom. Seeking medical or financial help is a big step for many individuals, whether it be a personal or corporate issue.
How can we help?
Responsible Insolvency and recovery professionals are used to dealing with people in distressed circumstances, and whilst they may not be qualified counsellors in the field of Mental Health, have a human responsibility to approach such circumstances with a sympathetic ear and a recognition of any such difficulties. There are also several charitable or not for profit organisations out there who specifically deal with financial stresses.
At Poppleton and Appleby, we offer free, confidential advice to all our clients, we understand that each case is different and unique to you. We have many years of experience to cover all eventualities. We can discuss all options in detail such as:
• Debt consolidation and remortgages
• Informal agreements with your creditors
• Individual Voluntary Arrangements (‘IVA’)
Please do not hesitate to get in touch with us on 0161 228 3028 or 01484 437 432 or email us firstname.lastname@example.org.