How to cope with debt mentally?

transcendent04

I worked every day including weekends to save £40k (£15k from investments) over the last year.
Having saved £40k and ready to put down for a deposit, I had a manic episode where I lost all £40k, and took out a £25k personal loan and lost that too.

I pay £615 monthly interest on the loan, I make £3,300 after tax and live with my parents.

It is a different kind of pain to be completely burned out and in a much worse financial position than a year ago. 

I'm not sure anyone here can really help, I guess I'm just venting, when I was manic I had visions of grandiosity, and making crazy amounts of money, I was looking at expensive properties and cars, and 'risk' wasn't a concept that existed in my mind, I was convinced things were going to work out.

I want to do everything possible to get out of debt, I'm looking for evening shifts or freelance work on top of my current job, but finding it difficult since I'm still struggling with burnout, depression and the trauma from the way things panned out. When I came down from the manic episode it's like I literally woke up in hell. 

RAS

Have you talked to mental health advisors with debt training? You may well "qualify" for debt write offs? And need to put in place safeguards to slow you down when manic.

ManyWays

If you make over 3k a month after tax and live with your parents, then this loan sounds affordable and you may struggle to get it written off.
But surely you can clear this horrible loan in a year, or do you have other commitments eg car on finance? 
Do your parents know about your situation? They may be able to help in future to keep your savings safe, and too talk about "sensible" planning eg not expensive properties and cars.
And you can make it harder to get credit in future by adding a note of correction to your credit record saying you have bi-polar and do not want to be offered any credit, these notes can be removed in future if you want a mortgage.

sourcrates

Moved thread to more appropriate board.

transcendent04

ManyWays said:

If you make over 3k a month after tax and live with your parents, then this loan sounds affordable and you may struggle to get it written off.
But surely you can clear this horrible loan in a year, or do you have other commitments eg car on finance? 
Do your parents know about your situation? They may be able to help in future to keep your savings safe, and too talk about "sensible" planning eg not expensive properties and cars.
And you can make it harder to get credit in future by adding a note of correction to your credit record saying you have bi-polar and do not want to be offered any credit, these notes can be removed in future if you want a mortgage.

Thanks for your response and for your advice!
No other commitments, just the interest on the loan.
You are right I will be able to clear it, its just so painful to go through right now, trying to take it one day at a time, I feel so tired. 
Parents don't know about the situation as it would crush them, they've sacrificed so much and try to save everything they make.
In terms of keeping savings safe yes I agree with you.
Will take the note of correction suggestion into account.

transcendent04

RAS said:

Have you talked to mental health advisors with debt training? You may well "qualify" for debt write offs? And need to put in place safeguards to slow you down when manic.

No I haven't, my medication hasn't been reviewed in over 2 years, I will be seen a mental health nurse soon hopefully. Thanks fro your reply!

PM22

I have Bipolar too and spend money when I am high. The mental health nurse cannot review your meds sadly so you will need an appointment with the psychiatrist for that.

Don't be too hard on yourself, it's not your fault.