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

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  • Plonter
    Plonter Posts: 12 Forumite
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    Really true. Very stressing. :(
  • louise42
    louise42 Posts: 2 Newbie
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    Hello


    I was diagnosed with Bipolar disorder earlier this year after years of wondering if I had it but being told by Dr's that 'everyone has mood swings' and to 'just deal with it'. I wondered if there was any support available for the disorder as I really struggle with the manic phases and spend money on silly things.

    It's worse when i'm stressed out which i have been recently. The rest of the time im very good with money.
    This mixed with needing time off work for an injury and not being paid for all of it means i'm now £2,500 in my overdraft and have my mortgage renewal coming up in May (im at the end of my first 2 year fixed deal so need to get another deal).


    Any help would be appreciated, thanks
  • fatbelly
    fatbelly Posts: 20,632 Forumite
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    louise42 wrote: »
    Hello


    I was diagnosed with Bipolar disorder earlier this year after years of wondering if I had it but being told by Dr's that 'everyone has mood swings' and to 'just deal with it'. I wondered if there was any support available for the disorder as I really struggle with the manic phases and spend money on silly things.

    It's worse when i'm stressed out which i have been recently. The rest of the time im very good with money.
    This mixed with needing time off work for an injury and not being paid for all of it means i'm now £2,500 in my overdraft and have my mortgage renewal coming up in May (im at the end of my first 2 year fixed deal so need to get another deal).


    Any help would be appreciated, thanks

    Hi Louise

    Martin's written a very helpful article about getting out of your overdraft here

    https://www.moneysavingexpert.com/banking/cut-overdraft-costs/
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Jasonron wrote: »
    debt management company spam

    Please hit the spam button.
  • sourcrates
    sourcrates Posts: 28,953 Ambassador
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    Deleted_User wrote: »
    Please hit the spam button.

    Reported for spam post building.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • DannyPearce90
    DannyPearce90 Posts: 64 Forumite
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    There really need to be a fresh approach to how companies deal with people in debt. This isn't right!
  • 20aday
    20aday Posts: 2,610 Forumite
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    I've struggled with debts to the point I took an overdose at the end of September last year.

    There were several factors that led me up to that point but being in debt (albeit not huge sums) didn't help whatsoever.

    It's not going to be easy but I know I need to be more pro-active in managing my money wisely; I also know I've got to address the unnecessary spending I do to make myself feel 'better' as it's just papering over the cracks.

    I agree more should be done about financial support from various financial institutions; I do accept that no one made me spend money on credit cards etc and I hold myself fully responsible but there are times when support could be far better than it is currently.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
  • Esbdoris
    Esbdoris Posts: 1 Newbie
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    I am now in my 60's and been 'yo yo' debting for years and the stupidity of it all is I am now realising the affect it has had on my life and my family. I realise now it was when I was down I would 'treat' myself or my kids etc. I now have a remaining debt balance and the 'if only I knew then what I know now' I lost our house and now renting at an extortionate amount and the council are just not interested in helping. This now brings more anxiety and depression
  • Anno88
    Anno88 Posts: 17 Forumite
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    This is an aspect of Mental Health that can affect finances - an extreme fear of poverty, usually caused by traumatic experiences in childhood / adolescence, that causes the individual to maintain excessive control of their spending,and to have a ''poverty mindset' even when they have no debt, considerable savings, and a healthy income.

    Has anyone else had any experience of this situation?
  • Anno88
    Anno88 Posts: 17 Forumite
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    Try not to lose hope - contact your Council to see if there are any specialist agencies that can offer advice on finances - and ... Don't lose hope, there still plenty of time for things to change.
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