How to manage debt stress this December

Your health always comes first. It has become very common for people to tend to neglect the way they are feeling and to not take notice of their mental health when dealing with other problems in life. One massive stress that causes a severe impact on your health is financial stress.

IE Hub alongside StepChange is here to guide you in easing down your money worries.

Signs of debt stress

Like most people, stress is caused by having situations and scenarios going through your head constantly and it is the only thing you can think about. It becomes tiring, therefore, causing you to stress. Here are some signs to look out for when you’re feeling this way:

1. The thought of debt makes you feel down, sick, or overwhelmed
2. You’re finding it hard to deal with your work and other everyday responsibilities
3. You struggle to eat or sleep properly due to constant worrying about debt
4. You find it difficult to enjoy moments with friends and family due to worrying about debt
5. You’re already struggling with depression, anxiety, or any other types of mental illnesses

Talk to someone you trust

It seems too easy to be true, but it is as simple as that. Opening up about your money worries to a trusted family member, friend, or even a work colleague or professional can help. For you to achieve the best outcome, you must be open and honest about your situation otherwise the listener will not be able to get the full picture therefore not giving the best advice.

There is a brilliant article written on the StepChange website about talking with loved ones about debt. As well as our very own blog on the IE Hub website on Talk Money Week. Both are highly recommended.

We understand that not everyone has a person in their life to talk to about sensitive topics. Fortunately, thanks to the NHS and other great organisations, they have the support to be able to provide you with the help you need. https://www.nhs.uk/mental-health/nhs-voluntary-charity-services/charity-and-voluntary-services/get-help-from-mental-health-helplines/

The NHS has a great section on their website which lists various amounts of organisations that can provide the help you need anonymously. They can give you emotional support over the phone, email, and video calls.

Get in touch with StepChange

StepChange has a brilliant support team. They offer a free service where you can get confidential advice and you have total control of the situation. The StepChange advisors help thousands of people every year. You can be assured that they will do all they can to help and support you in any way.

StepChange has more than 25 years of experience providing free, expert debt advice. You can read more about what StepChange can do on their website.

Check if you’re eligible for Breathing Space

Breathing Space, officially called the Debt Respite Scheme, is a government scheme which could help relieve some of the pressure and stress caused by being in debt.  If eligible you could get up to 60 days’ respite from interest, fees, and court action to reduce stress and give you time to deal with your debts. You can read more about Breathing Space on the StepChange website.

If you’re struggling a lot with mental health due to money worries, you can send your creditors a debt and mental health evidence form (DMHEF). This allows your creditors to see information from your doctors so they can get a better understanding of what you’re going through.

To send out a DMHEF to your creditors, you’ll need to have a chat with a doctor or care professional first so that they can authorise the form. You can access the DMHEF form here and send it to a health care professional for them to fill in.

Reach out to others who know first-hand what you’re going through 

It isn’t a great feeling opening up about sensitive topics to people however, it is so much better talking to someone who knows what you’re going through. Listening to those who have gone through similar scenarios gives you an insight from another person’s perspective. This gives a nice feeling of reassurance that no matter the situation you find yourself in, theirs always light at the end of the tunnel.

Over at StepChange, they have set up a Facebook community page solely for this purpose. It is designed for people to share their experiences of financial worries. Their followers are people who are just like you who are courageously facing their financial worries daily. It is highly recommended that you give it a quick look around and talk to those who are using StepChange’s services. https://www.facebook.com/stepchangedebtcharity/

You’re not alone!

Finally, we would like to remind you that you’re not alone in this. We hope we have provided you with useful information that you will take on board to help assist with your debt and money worries. It takes a lot of courage to deal with these sorts of issues which is why recommend you to reach out to others and never be ashamed to ask for help. There are people out here to support you and want you to overcome your debt worries. When you have spare time, please go on to the StepChange website and start by filling out a few simple questions to help them help you and get the support you need. Please visit https://www.stepchange.org/start.aspx.