Debt and Mental Health - How have your debts affected you?

I've only just found this thread, I wish I'd found it years ago. The pain and suffering inflicted by creditors on some people is barbaric. Until I started struggling with debt & falling income some 10 years ago, I'd hear stories about people ending up 10/20/50k in debt and I'd wonder how on Earth could they be so stupid, and how it must've been their own fault. But a drop in income, coupled with ill health for my wife, then compounded by redundancy, and I learnt the hard way just how easy it was to become 'one of those people'. I can't tell you what a low ebb I found myself in. I'd always been a confident, resilient person but the constant letters & phonecalls from creditors, then solicitors letters from debt collections firms threatening allsorts had me feeling rock bottom. I was trying my best to keep a roof over the family's head, and not let the kids or family find out what a mess we were in, and spent lord knows how many nights wide awake wondering how the hell I could drag us out of the abyss. I was trying so hard to keep it all on my own shoulders and not let anybody else get affected. Every day it was the first thing on my mind when I woke up, and the last thing on my mind at bedtime. It was torture. I consider myself incredibly lucky that I've since been able to earn a decent wage and get us heading in the right direction via an IVA, but I can only imagine the distress suffered by people who have the bailiffs knocking on the door and taking their stuff in full view of the kids. Having seen the cynical practices of firms like MBNA up close, it disgusts me the power they have over vulnerable people. It's just good to see the support from like-minded people on here, knowing you're not alone can see you through some very dark times.

Has being in debt caused you stress and anxiety?


Without a shadow of a doubt.

Although I have not had sleepless nights about it, but it definitely did affect all aspects of my life, especially my professional life. I have been lumped with this debt since 2011, but luckily for me it is not a huge debt.
I am now on the mend and slowly paying off my debt (£3600 down from £7900) and hoping to start my master's next year so i could kick start the career that I am most passionate about.

I’m just beginning to face up to my debts and have sent holding letters to my creditors. I’m not sleeping well and feeling really anxious about everything. I know a DMP is the best route for me sorting everything out but I’m worried. Im worrying about being kicked out of my house and not having anywhere to live because my credit rating will be shot to pieces. I’m worrying about my bills going up and not being able to save anything for emergencies. I’m worried about not having access to credit which is ironic as that’s what’s got me into this mess. It’s got to the point where I’m worried to get out of bed because I don’t know what the world is going to throw at me.

It's unreal the effect that debt appears to have on people.

Personally i know by myself and my wife really suffer with it and constantly being chased by creditors just makes it even worse. Let alone the constant not wanting to answer the door for not knowing if its someone coming to collect money that we don't have.

It just seems to wear you down the longer it goes on the worse it gets for me and every time I think we're getting closer to the end and things are looking more positive because there's a credit card nearing being cleared suddenly we get a stark reminder that we can't afford to pay our utility bills and our supplier has passed it on to a debt collector despite being told over and over that we cannot afford to pay any more than we are.

All the while struggling with the anxiety of not being able to speak to anyone on the phone or answer unknown numbers as it will just set me off, which given most of the time they call while I'm at work is not going to do anyone any favours.

Just wish there was a sensible way out where they would actually understand and help rather than just chase for money.

I find it laughable that Lloyds Bank are using mental health in their tv ads. Their overdraft charges are pushing people further into debt, taking the difference between someone just about managing, and making them struggle. When you phone and ask for help, they offer you the whopping sum of 1 week without charges.

That's having a negative impact on people's mental health, but their answer is a tv advert and slap a post it note on your head (literally!): https://www.lloydsbank.com/help-guidance/gettheinsideout.asp