Debt and Mental Health

[nickh]

A press release from Mind....

>>Being in debt can make mental health problems worse, according to a
study published today.

It also revealed that people with mental health problems are almost
three times more likely to be in debt than those without them.

Researchers working for mental health charity Mind spoke to more than
1,800 people across England and Wales and found that 924 said they had
problems with debt and mental health issues.

Of those, 91% said debt had adversely affected their mental health and
more than 50% were living on a weekly household income of less than
GBP200
- the Government defined poverty line.

Mind has called for bank workers and debt collectors to be given mental
health awareness training and also wants an inquiry into how bailiffs
deal with mentally-ill people.

Mind's chief executive, Paul Farmer, said: "UK personal debt stands at a
staggering GBP1.4 trillion but the real cost here is that on our mental
health.

"Money worries aren't just keeping people awake at night - they are
causing high levels of stress, depression and in some cases self-harm
and suicidal thoughts.

"At a time when people across the country are anxious about their
finances, debt depression is a real and growing concern."

The study also found that 63% of people in debt did not tell the
organisation they owed money to about their mental health problems
because they did not think they would understand.

Mind's campaign is backed by finance expert Martin Lewis.

He said: "Severe debt isn't just a financial problem. It causes
relationships to break up, people to lose their homes and families to
break down. No matter who you are, it can send you to the pits of
despair. There is a clear correlation between those in debt and those
with mental health problems."

The study, In The Red: Debt And Mental Health, is published today.<<

I guess none of this is exactly surprising but it is important that these things are kept in mind.

Nick.

 

[Dollit]

I went to a certain bank that promotes itself as an ethical trader. This was 10 years or so ago. I explained in great detail why I should be not offered credit cards or loans and explained all about being bipolar and the effect that debt could have on my life. I explained that if offered loans or credit cards I would be unable to refuse them.

Within a few weeks I was offered a loan and a credit card. Within two years I was in debt - not heavily but enough that it compromised my health. They shut down my account and said that they would take steps to recover the debt. On being reminded of what I had told them when I opened the account they said that as they had written it down it meant that they would not accept partial responsibility for the debt. My GP wrote and spoke on my behalf and they didn't answer him. The CAB wrote and they ignored them also.

They still have the debt on file and said it will remain there. How much do I owe them £1,500 (approx) and they won't write it off because they can't afford to. Ethical banking at it's finest.

 

[nickh]

That's really interesting (and very bad) Dollit - it strikes me as exactly the sort of mental health issue which someone ought to be pursuing.

I got into a very bad debt situation when I was in my self-medication phase but never took the sensible steps you did so feel I only have myself to blame. But in your case it is clearly the bank's responsibility.

Nick.

 

[blackdog]

Sounds as if I amassed my debts like you did Nickh. But I did have a little help from a hospital manager who in 1996, during my first major episode of depression or burnout or whatever, visited me at home and persuaded me that it would be better for me, in the long term, if I resigned rather than claiming the remainder of the 6 months full followed by 6 months half pay to which I was entitled. The worst part is i went back to work for the NHS and still do, just.

 

[yakuza]

Hi nickh,

That was a very interesting press release.

Martin Lewis offers some fantastic advice on his website about obtaining the best possible deals which I think forum members may find useful.

http://www.moneysavingexpert.com/

 

[Fedup]

A press release from Mind....

>>Being in debt can make mental health problems worse, according to a
study published today.

It also revealed that people with mental health problems are almost
three times more likely to be in debt than those without them.

Researchers working for mental health charity Mind spoke to more than
1,800 people across England and Wales and found that 924 said they had
problems with debt and mental health issues.

Of those, 91% said debt had adversely affected their mental health and
more than 50% were living on a weekly household income of less than
GBP200
- the Government defined poverty line.

Mind has called for bank workers and debt collectors to be given mental
health awareness training and also wants an inquiry into how bailiffs
deal with mentally-ill people.

Mind's chief executive, Paul Farmer, said: "UK personal debt stands at a
staggering GBP1.4 trillion but the real cost here is that on our mental
health.

"Money worries aren't just keeping people awake at night - they are
causing high levels of stress, depression and in some cases self-harm
and suicidal thoughts.

"At a time when people across the country are anxious about their
finances, debt depression is a real and growing concern."

The study also found that 63% of people in debt did not tell the
organisation they owed money to about their mental health problems
because they did not think they would understand.

Mind's campaign is backed by finance expert Martin Lewis.

He said: "Severe debt isn't just a financial problem. It causes
relationships to break up, people to lose their homes and families to
break down. No matter who you are, it can send you to the pits of
despair. There is a clear correlation between those in debt and those
with mental health problems."

The study, In The Red: Debt And Mental Health, is published today.<<

I guess none of this is exactly surprising but it is important that these things are kept in mind.

Nick.

Intresting , thx Nick.
I have met loads of people through mental health , where debt has really added to their stresses.

Me ........... if i don't have the cash .......... i don't buy .

 

[Dollit]

I have to sit on the urge to spend very tightly. Part of the behaviour with bipolar disorder is grandiosity which can manifest itself in the spending of money that you just don't have. The banks argue that if you have this awareness then it's a matter of just not doing it. They wouldn't say the same about the repeated checking or handwashing of someone with OCD. These days I've developed coping mechanisms including being with a building society who I've asked to refuse me a debit or credit card and no cheque book and this they honour steadfastly.

 

[scooby1001]

Hi i have the same problem with debt, i have bipolar along with scitzoid personality disorder and scitzo-affective disorder and when i am manic i rack up 1000s of pounds of debts. I contacted the credit referance agencies asking them to put a note on my files explaining my mental health problems mean i should not be given credit even if i ask for it because i have no income other than benefits and dont want credit when i am in my right mind. Unfortunatly they refused to do it and i am now looking at other ways of ruining my credit rating so i would be refused if i applied. I have just come out of a 3 week manic phase and unfortunatly have added two more credit cards and 1,000s worth of debt to 1500 i had already. It does get you down but what can you do

 

[Dollit]

Hi Scooby and welcome to the forum. Try the Citizens Advice Bureau or one of the advocates at MIND. They do really good work for people like us. My GP was ignored when he tried to contact my former bank but no one would dare ignore my consultant and I'd always bring him in if I needed help again.