Bipolar. What help can banks offer

kah22

I think this is the most appropriate Forum

A very good friend was diagnosed as bipolar a number of years back. They recently had another episode and is currently in hospital. Those of you who know bipolar suffers will appreciate that when on a high they can often blow their savings on quite silly things: booking holidays to America back to back, buying multiple items when one is more than enough. My friend seems to like buying settees!

So my question. My friend has an account with one of RBS subsidiaries, just a standard current account with debut card. They do not have any credit cards. Their income derives solely from benefits. Can anyone tell me how their bank can help her stop a raid on the account if/when they become unwell again?

A power of attorney would seem a bit over the top
Someone else holding their card could be quite embarrassing, having to ask for money every time you need something or have a bill to pay
No card at all is not really practical in today's world
A chosen limit per day or week could possible work but I asked in their bank this morning and was told they couldn't set individual limits. They did suggest that my friend could draw up a standing order and transfer money on a regular basis out of the current account into another account

I'm sure there are other ways the bank could help (and yes I appreciate they are not social workers) and I'd be interested in hearing practical suggestions from those with an knowledge of the condition or members from a banking background.

Thanks very much for any advice and please feel free to PM me if you want to remain private

PixieDust

I am bipolar.....I seem to like buying travel accessories even though I rarely travel. ....what we do is have a separate account and transfer 'pocket money' into it when we can, and I can spend it on whatever tat I like, usually in the middle of a wakeful night when my fingers start walking on ebay. My hubby has an account also, he can spend his pocket money on whatever he likes, too (he's not impaired at all, he just has expensive hobbies and a small income!)

I hope this helps

PixieDust

Ooooooh what about a prepaid credit card thingy......that could work equally well.....

kah22

PixieDust wrote: »

Ooooooh what about a prepaid credit card thingy......that could work equally well.....

tell me more, how does that work. Friend never had credit card, never ever bothered money, if they couldn't afford it they didn't buy it. Good in many ways

DomRavioli

It isn't a bank's responsibility (not what you want to hear but very true). POA should be in place in case of incapacity in the future. Get them on a basic account with no chance of an overdraft, then its up to them what they spend on what; perhaps if they have a CPN, social worker or care staff they can help to look after payments as they are trained to do so within their remit.

PixieDust

Not soething i have done but it's a card that you pay money on to, to spend as you would a credit or debit card, but once it's gone, it's gone.

kah22

DomRavioli wrote: »

It isn't a bank's responsibility (not what you want to hear but very true). POA should be in place in case of incapacity in the future. Get them on a basic account with no chance of an overdraft, then its up to them what they spend on....

i do agree with you its not he banks responsibility that's why my post is entitled 'Bipolar, what help can banks offer.' And why I said in my original post......

I'm sure there are other ways the bank could help (and yes I appreciate they are not social workers)

Thats why I'm asking the question.

I had in the back of my mind statements you often see financial instructions make like 'if you are having difficulties repaying a loan talk to us,' that's for when you get into trouble with their money so I was quite reasonably wondering if they could set up systems to stop you getting into trouble in the first place. That I think is trying to be responsible

Ames

You'd probably be better off posting on the Debt Free Wannabe board, they'll have more of an idea about things like stopping interest rate hikes, getting interest frozen, that sort of thing.

It's also worth when well looking into a CIFAS marker on credit reports, to give an extra layer of bureaucracy to try and stop getting into debt in future.

kah22

Ames wrote: »

You'd probably be better off posting on the Debt Free Wannabe board, they'll have more of an idea about things like stopping interest rate hikes, getting interest frozen, that sort of thing..

i had looked at that board but thought that someone on here might have come up against similar situations

DomRavioli

Most people with severe MH issues (Bipolar is classed as severe) are on the care plan approach (CPA) which means they will have either a CPN, social worker, or care workers. They will be able to help with money management, they are who you need to contact, not the bank.

megc_2

Don't know what a bank could legally do- their purpose is to hold your money until you want to access it and then enable you to do so easily.
They could not suddenly turn round and say we don't think you are well enough, so you cannot spend your own money.
I'm bipolar and have had periods of excessive spending. But I'd have been highly shocked and angry if my bank had refused to give me access to my money. Most bipolar spending iseems to be done on the Internet in the middle of sleepless nights, not sure how a bank could prevent that.
What I have found helps most is to give my cards to someone else when my mood starts to rise; I have a friend who I know I can trust implicitly and now also have a husband who can take charge if needed. Yes, it's a bit embarrassing, but better than potentially being homeless due to unpaid rent etc.
an alternative was to lock up my bank cards with several layers of security, locks and keys hidden in different places- if I wanted to spend I had to put a lot of effort in to obtain my cards by which time some of the impulse has gone.