Let’s start the conversation!

This week is Mental Health Awareness Week, so it feels fitting that we start a conversation around debt stress and the impact it can have on an individual’s mental health.

Although we have made progress when it comes to talking about mental health, there’s still a long way to go before talking about our mental health becomes run of the mill, and unfortunately the same is true for talking about financial problems. So, when financial and mental health issues combine, not only are the problems multiplied but so is the stigma.

The figures speak for themselves!

– According to the Money and mental health policy institute, you’re four to six times more likely to have a debt crisis if you are also living with mental health problems

– Half of those seeking debt help also have mental health problems

– Dealing with financial difficulties has been shown to increase treatment times for clinical depression

Most mental health conditions fluctuate; people will have periods, sometimes years at a time, when they are healthy and able to manage their finances without incident. But there will be periods of time when they are unwell, during which managing money can be challenging, and it is possible to get into significant financial difficulties.

For some people, this can be the result of high spending or taking out credit during a manic phase caused by bipolar disorder. For others it could be depression leaving them unable to get out of bed, never mind open the post and pay the bills. Or for many, it’s the struggle to adapt to changes in income as a result of redundancy, benefit changes or the additional costs of living with a serious health condition.

What help is available?

When it comes to debt, we’ve found that people would rather talk about anything else. Even their embarrassing ailments! Because of shame, fear, or confusion, too many people don’t talk about their financial problems to anyone. And that can make the situation worse.

At IE Hub, we want more people to open up about their money troubles – so they can get free, expert debt advice and solutions when they need it. That’s why we’re advocates of StepChange and other debt charities.

Who are StepChange?

StepChange Debt Charity is the UK’s leading debt advice provider. Each year, they help hundreds of thousands of people take back control of their financial situation through free, impartial debt advice, a broad range of solutions, and online tools and resources. Their vision is a society free from problem debt, and they work with credit providers to help their customers, as well as lobbying government, to influence policy to reduce the risk of problem debt and the harm it can cause. Here at IE Hub, we work closely with StepChange to ensure our users get the support they need!

Check if you’re eligible for Breathing Space

Breathing Space, officially called the Debt Respite Scheme, is a government scheme that 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.

What can you do to manage your money if you’re not ready to speak to someone?

At IE Hub we offer a FREE online tool that can help you manage your finances. The first step in managing a budget is to understand exactly what money you have coming in, and what money you owe out. Once you have completed your budget you can share it with the companies you owe money to so that they can better understand your situation.

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.