Bipolar and bankruptcy

dane-katie

Hi, i have recently found out i have bipolar disorder and looking back i can see this contributed to me ending up declaring bankrupt, i was wondering if there is anyone else out there who has gone or will be going bankrupt due to mental illness or even bipolar disorder?

fatou256

I have borderline personaily disorder and this has contributing to my Bankruptcy . i used to spend like there is no tomorow without ever understanding the consequence of it nor was i worrying about it ., i was so busy doing my spending had no time for planning etc... Now i am paying for this i had my third major nervous breakdown few month agos and i know it wont be the last one.

stressed81

Definitely, in all aspects of my life money/diet/exercise/alcohol I can go months doing really well. Then I wake up one morning and spend/eat/drink like there is no tomorrow.

princesspinchie

Certainly I think that money problems (bankruptcy) can be attributed to mental health problems in some cases. In my own, I have just had a DRO approved. I used to spend money like no tomorrow when I was having very low moments during my depression, I've had this on and off for years.

As soon as I felt motivated to tackle my debts, something would happen to trigger my depression and the whole rotten cycle would start again.

Out of interest, my dad is a Community Mental Health Nurse and spends an awful lot of his time helping his clients find help for money problems (referring to CAB, ringing up companies on their behalf), most of which was a result of their illness.

Good luck for the future. :beer:

Cherry1

Have a look at http://www.rethink.org/living_with_mental_illness/money_debt_mental_health_problems/index.html

may help.

debtinfo

Hi dane-katie, are you still going through bankruptcy, if so i would mention this to the OR as the NHS website specifically mentions under bi-polar that the person may not be fully responsible for the way that they have handled their finances

debtinfo

oops scrap that, just read you tag, but it is a thought for anyone else in a similar situation

fatou256

debtinfo wrote: »

Hi dane-katie, are you still going through bankruptcy, if so i would mention this to the OR as the NHS website specifically mentions under bi-polar that the person may not be fully responsible for the way that they have handled their finances

very true At my interview with the Or she was surpised to find that soem of my creditors has loaned me so much money when they knew i was ill and not working , even the judge was perplex by this he went on to say that was a case of irresponsible lending . it was a CPN who advise me to ring the CCCS / national debtline to discuss about bankruptcy

pingu2209

There was a piece in the news about 2 months ago about there being a link between depression and debt. They think that debt can cause depression rather than depression encouraging spending.

RecoveringAlcoholic

Effect of poor mental health
on debt
One in six British adults lives with a mental
health problem. [9] One in four adults with
a mental health problem reports being
seriously behind in paying a bill or making a
repayment in the last 12 months. [10]
• This is three times the rate of
indebtedness in the wider ‘mentally
healthy’ British population.
• These issues affect 1.75 million British
adults.
Higher levels of debt are experienced by
those with mental illness:
• 8% of people with no disorder.
• 24% with depression and anxiety
(common mental disorder).
• 33% with psychosis.
• 25% with alcohol dependency.

• 24% with drug dependency. [3]

Information from The Money Advice Trust on debt and mental health can be found here:

http://www.moneyadvicetrust.org/section.asp?sid=12




.

dvs

pingu2209 wrote: »

There was a piece in the news about 2 months ago about there being a link between depression and debt. They think that debt can cause depression rather than depression encouraging spending.

Bi-Polar disorder is also known as manic depression. With this disorder, people can suffer periods of highs (mania) and periods of lows (depression) as well as periods of 'normality'.

Research has shown then sufferers can have uncontrolled spending when in a mania phase. Uncontrolled spending often includes buying things they don't want or need. In a depression phase (and in people who suffer depression only) may have spending problems (usually in an attempt to cheer themselves up). I say may because it depends on their level of depression - many sufferers can barely get up and wash when moderate or severe depression occurs.

Certainly debt can cause depression though (and indeed stress too).