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Dealing with debt alone can be a lonely place to be.
No matter how bad your debt situation might seem, no debt problems are unsolvable. While it might not always be quick or easy, there is always light at the end of the tunnel.
Financial difficulty and stress are more common than you might think. It can have a drastic impact on your mental health and wellbeing and lead to significant problems in the long term, therefore even worsen existing financial stress.
It is not uncommon that the two go hand in hand, therefore it’s important to be aware of the signs of how much your financial issues are impacting your mental health, and what to do about it.
Poor financial wellbeing can make mental health problems worse. For example, someone struggling with mental health issues might find it difficult to work or get a job, therefore causing even more financial difficulty, further impacting stress and anxiety.
There are various signs to look out for that financial stress is affecting your health and relationships.
Nothing will keep you up tossing and turning at night more than worrying about loss of income, unpaid bills, or pending bailiff action.
Stress is known to disrupt your appetite, causing you to anxiously overeat to cope with your emotional distress or to skip meals to save money.
Living under the cloud of money problems can leave anyone feeling down, hopeless, and struggling to concentrate or make decisions.
Worrying about unpaid bills or loss of income can trigger anxiety such as a pounding heartbeat, sweating, shaking, or even panic attacks.
Money is one of the most common issue couples argue about. If you’re experiencing a period of financial stress, it can make you angry and irritable, cause a loss of interest in sex, and break even the strongest relationships.
Financial worries can cause you to withdraw from friends, curtail your social life, and retreat into your shell—which will only make your stress worse.
Such as headaches, gastrointestinal problems, diabetes and heart disease. You may not think to link these to financial stress, however left untreated could cause long-term issues.
Drinking too much, abusing prescription or illegal drugs, gambling, or overeating are unhealthy habits that not only can begin due to financial stress, but will also add further financial pressures and issues. Money worries can also lead to self-harm or thoughts of suicide.
While these are normal reactions to experiencing money issues, they can begin to take a toll on your overall health in the long term.
When it comes to organising your finances, budgeting is key. It’s important to always prioritise important debts, such as mortgage or rent payments, utility bills, council tax, as if not paid, it could lead to serious problems. Once you have detailed your total income and expenditure for the month then you’ll know exactly if or what money you have left over for the month.
If budgeting your finances isn’t enough to help reduce your financial issues in the short-term, it might be time to get debt help and speak to us about a tailored debt solution, such as an Individual Voluntary Arrangement (IVA), to help take back control of your finances and get your life back on track.
We’re here to help – complete our quick an easy online application or call us on 0161 660 4503 for confidential and trusted advice.
If you’re struggling with money worries, on top of battling with your mental health, there is support and guidance out there via charities, individuals and NHS services. The first step to getting the help you need is the hardest, but as soon as you make that first call, you will likely feel an initial weight lifted off your shoulders. In relation to your debt issues, we are happy to provide clear and honest support regarding your finances.
If the stress of debt is affecting your ability to pay your bills, then it’s important to inform your creditors. Many lenders have their own policies and procedures in place to support consumers struggling with mental health and financial stress. You may not think it, but your creditors want to help you deal with your money worries, not make them worse.
You might find it hard to open up and talk to your loved ones about your debt issues, however talking to someone you trust can help you feel less alone and feel a slight relief after doing so. Not everyone is lucky enough to have someone they can confide in, fortunately there are organisations that can provide the support you need.
If your mental health condition makes you more likely to overspend, this will further impact your debt level. However, if you make your credit card company or bank aware then they may be able to add a note to your file and flag your account when there is unusual activity. This can help you to stop spending above a certain amount or to contact you when they spot erratic spending.
Here to help you with honest and confidential debt advice
To qualify for the Mental Health Crisis Breathing Space must prove that they are undergoing treatment. This could be via a crisis house, crisis home treatment team, community mental health team, or been detained under the Mental Health Act.
If you are eligible for help, referrals can be made by a nurse, social worker, care co-ordinator, patients’ informal carer or the person in crisis themselves. However, you must have the application certified by an Approved Mental Health Professional (AMHP).
If you’re struggling with your mental health, you’re not alone, there is lots of support out there for you.
My Debt Plan offer free and confidential advice regarding your debts. If you are worried about your mental wellbeing, we would urge you to reach out to a specialist or charity who can get you to appropriate support you need.
Below are suggestions for mental health and wellbeing advice and support you can access:
Need advice on your debts? Talk to us on 0161 768 4601
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
