Debt and Mental Health

Mental health and debt

Are you finding it hard to cope with your debt?

Are you struggling to pay for your household expenses, travel expenses and everyday costs?

Are your Creditors constantly writing to you and/or ringing at all times?

How can debt affect mental health?

You will probably be aware of the importance of looking after you and your loved ones’ mental health, but defining it can be tricky.

Generally, when people speak about mental health, the term covers both mental and emotional wellbeing. What’s very interesting is the discussion around what can have an impact on someone’s mental health.

Increasingly, we are seeing more discussion about improving financial wellbeing in order to reduce some of the stress and anxiety, plus the emotional implications that being in problem debt can have on everyday life.

Debt and your mental health

Problem debt can be a major worry for many people and being in a poor financial situation can trigger or add to mental health problems.

Our advisers will work with you to understand if your stress or worries are caused by being in debt, or whether you need access to wider or specialist support in order to become debt-free.

Incidentally, people with existing mental health problems may find they get into problem debt after falling behind on repayments due to losing their income (or job) or becoming unable to keep up with their bills.

PayPlan will work with you to help you understand whether you are maximising income or if you’re entitled to additional income, such as Personal Independence Payment or Carers Allowance.

How does PayPlan help people with diagnosed mental health problems?

Every one of our advisers is trained in spotting the signs of vulnerabilities. In addition, we also have a specialist Vulnerable Client Team to support clients who have disclosed a mental health problem.

We understand that even if someone has been diagnosed with a condition, everyone is unique in how they deal with it and how it affects them – even to others with the same diagnosis. That’s why we support each client based on their individual circumstances.

Our Vulnerable Client Team advisers also work closely with charities and healthcare professionals to make sure the advice we offer is appropriate and so we can effectively signpost you to the support you may need.

Tell us once

If you give us permission to record a mental health problem, you won’t need to tell us again, unless things change.

We tailor our communications to meet the individual’s needs and to prevent any further stress or anxiety. We can also help by working with creditors to offer breathing space. This is designed to give you a break in repayments and extra time to understand all the options, supporting your wellbeing. This could help to give some welcome stress relief and support you to get back on track with your finances.

How to spot signs of mental health issues

It can be difficult to spot if somebody is suffering with their mental health, but everyone can be aware of changes in a person’s mood or personality. You may notice a mental health sufferer:

Feels sad or down a lot of the time
Feels sad or down a lot of the time
Has extreme mood swings
Has extreme mood swings
Is frequently tired and lacking energy
Lacks composure with stress and everyday problems

This is just a minor list of things to look out for, but if you notice that somebody close to you isn’t their usual self, offer to have a relaxed talk and be there to support them if they wish to open up.

Get help today

Organisations like Mind and Samaritans are experts in talking to people about their mental health and we’d always suggest you reach out to them in times of need. We are here to help clients with their debts and our Vulnerable Client Team will be happy to listen to anybody suffering with a mental health problem. Get free debt advice today at www.payplan.com/advice.