Mental Health Guide

MoneySavingExpert.
com
Mental Health & Debt 2016
Help, info, guidance and support for

individuals and carers
The guide can be downloaded free from www.moneysavingexpert.com/mentalhealth
Help, info, guidance and support for individuals and carers
The MoneySavingExpert.com Guide to Mental Health & Debt

THE BIG
MESSAGE
No debt problems are unsolvable
Before you even begin reading, its important to know one thing. For as
long as Ive been the Money Saving Expert, I have never once seen a case
not always be easy or quick, there is light at the end of the tunnel.
energy to deal with it is tough. And thats what this guide is about:
recognising that mental health and debt is a marriage made in hell, so
If nothing else, the fact theres so much demand for this info that we
created this booklet should tell you youre not alone.
MoneySavingExpert.com forum members. All the quotes are from real people who
So if youre in debt crisis, dont panic. The best thing to do is book a one-
their forum names to protect their anonymity.
too much for you right now, and you have a

trusted friend, at least talk through this guide
with them.
Dealing with your debts may sound like a
nightmare, but once you start its much easier
and less stressful than leaving them to fester.
MoneySavingExpert.com
Guide to Mental Health & Debt
Why weve written this guide

mental health problems.
I dont use it for myself. Im a mental health case worker, and almost every one of my clients
has debt issues. Its tough for them to control many areas of their life. I use your site to help
them sort through their problems.
scenario.
Money Saving Expert
Contents
Introduction
Chapter 1: Getting started analyse the problem
If you dont feel up to tackling your debt right now

Are you in debt crisis?
The three things you need to know about debt
9
9
13
Chapter 2: Get free debt help
16
Free one-on-one help

Free debt counselling agency contacts
Free online debt help tools
Stop debt collectors harassing you
Dealing with emergency issues
16
17
18
18
19
Chapter 3: Working with the banks
21
Should you tell your bank?

Mental health charity Minds view
What banks are allowed to do
21
22
23
Chapter 4: Approaches to treat mental distress
26
Recovery plans
Understand your spending
Hospital stays
Get help and support
26
27
28
29
Chapter 5: How friends, family and carers can help
30
Accessing others accounts

Basic bank accounts
30
31
Appendix 1: The MoneySaving Checklist
35
Appendix 2: Useful contacts
42
Introduction: The cycle of debt

Examples could be charging your phone up at work instead of at home (with permission) to save
your electricity, hanging washing out instead of using the tumble dryer or leaving your purse/
How debt causes mental health problems and mental health problems cause debt
How this guide works
so does stress and anxiety.
mental health problems have severe or crisis debts.

debt may give you hope that you can do the same.
A green story - to inspire you
A red story - to show youre not alone
Green story title
Red story title
What are mental health problems?
Sophies story:
commonly understood to include all forms of mental distress. We understand that some people
The stages of depression
By Dr Rob Waller, consultant psychiatrist
Getting started - analyse the problem
If you dont feel up to tackling your debt right now
Stage one. Warning signs
Are you in debt crisis?
Stage two. Burnout

if only for a while to give you space. Spend
down.
Stage three. Depression
There are two ways to deal with problem debt. Which is right for you depends on whether
10

If youre in debt crisis ...

Suzies story: Youre braver than you believe

speed up the process.
crisis snowballing out of control.
Martins Money Moment
Help and support from those in the same boat
If youre not in debt crisis ...
The Debt-Free Wannabe board
(at www.moneysavingexpert.com/dfw
11
12
Colins story: Debt has taken over my life and Im struggling to cope
The three things you need to know about debt
Stop borrowing
not borrowing more.

The way to start doing this is by doing a budget (free tool to help at
www.moneysavingexpert.com/budget
My life feels pointless as I have no career and cant go to university with all this debt hanging
I dont know how I am ever going to make anything of my life when I have this never-ending
new card the money at a cheaper interest rate.
www.moneysavingexpert.com/balancetransfers
Response to Colin from Stephen, another MoneySaver:
13
14
Mental health issues can qualify you for disability-related benefits
Tips on managing debt when you have bipolar disorder
hand. This is because people who experience mania can become impulsive and overspend
when they are high.
How much could you get?
credit limit.
www.moneysavingexpert.com/consumerrights
Help claiming:
to
assessment.
and whether it can help.
15
16
Get free debt help
If you are in debt crisis, get free one-on-one help
Mikes story: I feel like giving up
Im a big fan of debt counselling
Free debt counselling agency contacts
www.stepchange.org Tel:
17
18
Pauls story: Debt and depression go hand in hand

Tel:
Free online debt help tools
tools can help you do it yourself.
you begin your recovery.

See www.moneysavingexpert.com/debtproblems
Rachaels story:
Stop debt collectors harassing you
I struggled with debt for a couple of years and having mental health problems such as depression
Dealing with emergency issues
Impending court case
19
20
Working with the banks
Should you tell your bank?
House repossession
Bankruptcy
with mental health problems could be a breach of the Equality Act.
be able to arrange a payment scheme that spreads the cost of repayment over several months.
21
22
Tell your creditors? Mental health charity Minds view
What banks are allowed to do
Speak to the right person
Banks should keep debt in-house
They should refer you to specialist teams
Set some rules
processing future credit requests.
23
24
Put it on your credit file?
Can you get debts written off? The Mental Capacity Act
assessed manually.
Those with a mental health problem such as bipolar disorder may be prone to overspending
would help prevent further debt.
Make a complaint
go to www.moneysavingexpert.com/ombudsman.
www.moneysavingexpert.com/ombudsman.
25
26
Approaches to treat mental distress
to research on your behalf.

Understand your spending
when becoming unwell.
How successful this is does depend to some extent on how much support you have around you.
person. The principles of the approach help a person recognise the unhelpful thoughts that
27
28
Analyse why you spend:
Getting support
to visit you rather than heading for the shops.
www.moneysavingexpert.com/stopspending
Jetcats Story: How support workers can help

When I had made a list of creditors and payments due (with the amount and date), my support
a trusted friend or family member to help out.
What to do if youre going into hospital

Get the help you need
29
30
Consider a basic or joint bank account
How friends, family and carers can help
their way through the steps to being debt free.
Know their triggers
www.moneysavingexpert.com/creditscore
Why you might not be able to access their account
to download
31
32
Lasting power of attorney
If they have already lost capacity...
themselves and whether the person is appropriate to be the deputy.

www.moneysavingexpert.com/poa.
.
use if urgently needed.
Norma Desmonds story:
www.moneysavingexpert.com/poa.
The Alzheimers Societys guidelines on banking with dementia
33
34
Get carers benefits and discounts

billion of which goes unclaimed each year.
Appendix 1: The MoneySaving Checklist
with debt and mental health problems.
Budget and reduce outgoings
Free advice and support

Free budget planner: www.moneysavingexpert.com/budget
Do a Money Makeover
using comparison websites.
person to help you run through the list.
35
36

HappySads story: Sort finances when youre well

When you are mentally ill, you have to be somehow well enough mentally to work out what is
policies.
Reclaim, reclaim, reclaim

www.moneysavingexpert.com/ppi.
Full info and more ways to reclaim: www.moneysavingexpert.com/reclaim

Get free tax advice
www.moneysavingexpert.com/ehic.
full list at www.moneysavingexpert.com/travelinsurance.

TaxAid can help with this.
Visit:
with mental health problems at
37
38
Pay bills by direct debit
for those who may build up debt when they are unwell.
insurers charge you interest for doing so.
Full info: www.moneysavingexpert.com/dd
Full info:
Full info:
Take advantage of disability discounts
Full info:
.
www.moneysavingexpert.com/ddhunt.
39
40
Cut the cost of all your debt
See www.moneysavingexpert.com/creditscore
Suitable for mid to high credit scorers
for info. The
website lists all the water
company schemes.
Help from your local council
You may be able to get support if you need money to cope with an emergency or stop serious
Full info: www.moneysavingexpert.com/bts
Suitable for low-mid to high credit scorers
Stop spending!
Full info:
Repay debts with savings
more fruit and veg.
Full info: www.moneysavingexpert.com/remortgageguide
www.moneysavingexpert.com/stopspend
41
42
Appendix 2: Useful contacts
Helpline:
Free legal & tax advice

TaxAid
Mindinfo
Tel:
Tel:
A service that provides factsheets
Helpline:
Tel:
Tel:
Breathing Space Scotland:

Tel:
The Money Advice Service:
Tel:
Advice on discrimination at work
www.equalityhumanrights.com Helpline:
Advice for specific conditions
Helpline:
Tel:
The Money and Mental Health Policy Institute
Bipolar UK:
Tel:
.
Bipolar Scotland:
Tel:
43
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MoneySavingExpert.

Mental Health & Debt 2016

Help, info, guidance and support for

The guide can be downloaded free from www.moneysavingexpert.com/mentalhealth

Help, info, guidance and support for individuals and carers

The MoneySavingExpert.com Guide to Mental Health & Debt

their forum names to protect their anonymity.

too much for you right now, and you have a

Guide to Mental Health & Debt

Help, info, guidance and support for individuals and carers

Why weve written this guide

Money Saving Expert

Chapter 1: Getting started analyse the problem

If you dont feel up to tackling your debt right now

Chapter 2: Get free debt help

Free one-on-one help

Chapter 3: Working with the banks

Should you tell your bank?

Chapter 4: Approaches to treat mental distress

Chapter 5: How friends, family and carers can help

Accessing others accounts

Appendix 1: The MoneySaving Checklist

Appendix 2: Useful contacts

Guide to Mental Health & Debt

Introduction: The cycle of debt

Help, info, guidance and support for individuals and carers

mental health problems have severe or crisis debts.

A green story - to inspire you

A green story - to inspire you

A red story - to show youre not alone

Green story title

Red story title

What are mental health problems?

Guide to Mental Health & Debt

Help, info, guidance and support for individuals and carers

The stages of depression

By Dr Rob Waller, consultant psychiatrist

Getting started - analyse the problem

If you dont feel up to tackling your debt right now

Stage one. Warning signs

Are you in debt crisis?

Stage two. Burnout

Stage three. Depression

Guide to Mental Health & Debt

Help, info, guidance and support for individuals and carers

Suzies story: Youre braver than you believe

crisis snowballing out of control.

Martins Money Moment

Help and support from those in the same boat

If youre not in debt crisis ...

The Debt-Free Wannabe board

Guide to Mental Health & Debt

A red story - to show youre not alone

Help, info, guidance and support for individuals and carers

The three things you need to know about debt

not borrowing more.

new card the money at a cheaper interest rate.

A green story - to inspire you

Response to Colin from Stephen, another MoneySaver:

Guide to Mental Health & Debt

Help, info, guidance and support for individuals and carers

Mental health issues can qualify you for disability-related benefits

Tips on managing debt when you have bipolar disorder

How much could you get?