Debt and Mental Health
Dealing with debt can cause a lot of stress
It’s one of the most stressful life events you can go through, so during this time, it’s also essential to ensure you’re looking after your mental health, as your financial situation can significantly impact this.
When your debts are building up, you may find it difficult to concentrate on anything else, especially with other life events, but it’s important to know that you are not alone.
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Signs that you may be struggling
- Anxiety and stress: You might struggle to think about other things clearly, and your debts are clouding your thoughts.
- Guilt: Your situation may be causing you to feel guilty about the effect this may have on you and those around you, regardless of how you may have come into debt.
- Embarrassed: Personal financial circumstances are often already awkward to talk about, but this can be heightened when debts are involved, and you may feel ashamed about your situation.
- Hopelessness: You might feel that your debts are not budging, and seeing a way out of this may feel impossible.
- Sleep Issues: Financial worries may cloud your brain and be causing you to fall asleep. This may occur infrequently or develop into insomnia. Conversely, poor mental health and depression may leave you exhausted and over-sleeping.
Steps You Can Take
- Reach out to your friends/ family
- Speak to professionals
- Speak to Your Creditors Directly
- Do Some Research
- Take a Step Back
- Spending
‘Breathing Space’ and Mental Health Crisis Support
One of the most recent schemes introduced by the government for those in debt is ‘Breathing Space’.
There are two options for Breathing Space – one for anybody struggling with debts and the second for those receiving Mental Health Crisis Treatment. It involves interest, charges and creditor contact being paused for the duration. This is 60 days for Standard Breathing Space, and Mental Health Breathing Space will last as long as your treatment.
Will I Be Able To Qualify?
To qualify for any Breathing Space, you must not be undergoing any other solution for your debts – e.g. Debt Relief Order, IVA etc.
You must also be situated in England or Wales.
How Do I Apply?
For Standard Breathing Space, you apply through a Debt Advisor.
For Mental Health Breathing Space, you should apply through a Mental Health Professional.
Someone else may apply for this for you, and likewise, you may apply for someone you know to be struggling with their debts and receiving treatment for a mental health crisis.
People who are eligible to apply on someone else’s behalf include:
- A carer
- Mental Health nurses
- Social workers / other social care professionals
- A representative of the person in debt
- Approved Mental Health Professionals
