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

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  • Hi I too thought I'd share my experience. My story started 2006. My husband was killed in an accident at work I was 22 at the time with a fulltime job and 2 young children. Following this I had severe depression and anxiety for years waiting for court cases etc.
    Then I entered another relationship and had received the payout from his death. My sister then passed away again I coped keeping busy dealing with the sale of her house and other issues.
    It was only when my life was OK it finally spiralled out of control. I was referred to a psychiatrist who originally diagnosed my with ptsd.
    My spending was soooooo stupid I went from money in the bank to 30k in debt. I remember sitting in a traffic jam when someone passed me on a scooter mmmmm. I went out the next day and bought a scooter???? Which sat in the garage for 8 years as I was too scared to ride it. I purchased 3 settees in 12 month 2 new cars. I was so impulsive.
    Still dealing with the mental health issues I eventually got diagnosed bi-polar. With the correct medication And support from the mental health team. I took stock of my life and split up with my partner as the relationship wasn't right.
    I then had to tackle my debts which was the scariest thing ever. I am now on a dmp and will be for about another 26 years.
  • Beya
    Beya Posts: 3 Newbie
    Hi everyone,
    This is my first post here.
    I found this thread via a google search on depression and debt.

    A little bit about me.
    I am nearly 39 years old, I live on my own with my two cats in a flat that is shared ownership. Over the past 4 years I have managed to accumulate just over £10K worth of debt between credit cards and a loan, just over half of this over the last year.
    I was finding work hard going and wasn't enjoying it, I found a new job, which I absolutely love however I took a pay cut to move there, thinking I would be able to deal with my finances, it has proven the wrong decision financially and I have been struggling since. I didn't take into consideration the distance travelling to my new job is 36 miles further meaning more petrol each month as well.

    I was diagnosed with Depression and anxiety in 2015 however through counselling I realise I have more than likely been suffering with these undiagnosed since my early teens. It has only been in the last week or so when I felt the depression and anxiety come flooding back in mostly due to my money worries. I am also one for when I get depressed I spend spend spend. It makes me feel good for a little while then I realise what I've done and I've no way of paying it all off.

    I have spoken with my parents and I am lucky in that they are taking out a very low rate loan for me and will be helping me to deal with the fall out of my actions. I have cut up my credit card and have cancelled my overdraft with money they have given me just now. I will be repaying them every penny they have borrowed for me.
    I am also currently job hunting for a job that is
    1. Closer to home
    2. Better salary
    3. Better hours
    I will be sad to leave my current work place but I have to do what is right for me.
  • jsyj
    jsyj Posts: 1 Newbie
    Ive had severe depression for the best part of 9 years and have gone from debt free to a 20k loan for 5 years to consolidate my debts at a rate of 12.9% fixed with a major bank, Im not sure if I could of got a better deal, does anyone have any advise out there in "Forumland" ?
  • OHmeOHmy
    OHmeOHmy Posts: 4 Newbie
    Can anyone advise on whether it is possible to get council tax benefit back dated due to mental health problems.
    My sister is in hospital at the moment and I am trying to sort out her debts, most of which is unpaid council tax. This would have been halved if she had been able to claim the benefit but due to her illness everything was just left.
    Most annoying thing is housing officer told me last year she would get nothing, I put in a claim this year just to see if she would and it has just about been halved.
  • Hi I am very depressed since I have found out that my husband who has bipolar disorder has run up massive debts which are linked to our mortgage and I was unaware of this. I want to dispute these debts and would like to know what to do.
  • Rabbitx
    Rabbitx Posts: 310 Forumite
    edited 6 June 2017 at 2:08PM
    Your honesty... All of you, is wonderful,
    Reading your posts has given me some comfort.
    Despite the Mental Health awareness program....there is a lot to be done in promoting people's self confidence and building opportunities.
    It feels to me personally that our governments benefit system when ill, is not regarded as an insurance system for our welfare that we pay into..but as a penalising system.
    I want opportunity and hope!
    I have severe depression....and am getting some great support.
    I am now in the process of transferring from ESA to Universal Credit.
    I find this terrifying!
    I rent....have just won, I hope, my security after a Section 21 notice to leave, due to delayed Housing Benefit...and now have to inform my landlord that Universal credit can hold things up again!
    He has to survive...and I do too.
    5-6 weeks payment, is disgraceful on it's own, but compound that with no over-run when working again, to be paid monthly, in arrears,
    And an bills, and an empty fridge....why are paying tax?
    ....sorry...but feeling hopeless
    I really hope our Government produces opportunities which (are fiscal...but ), provide hope, no more restraining please.
  • Nagme
    Nagme Posts: 377
    First Anniversary First Post Combo Breaker
    Forumite
    I feel less alone after reading some of these posts, but sad for all the stories of hardship.
    I am in my early 40s and I have had depression since childhood. Parents split up when I was 3. My mum died when I was 25 and my dad died this May. I have always struggled with money management. Spending gives a moment of happiness. When DS was born 10 years ago we decided to move closer to dad to help him and wanted DS to have family around him growing up. Turns out dad was a textbook narcissist and we had a stressful time living so close.

    I've had counselling four times through my life, the most recent being through MIND and it has helped me a great deal.

    Debt has made me have terrible bouts of anxiety. I chew my tongue till it hurts, I pull my hair out, and I clench my jaw. Debt prevents me from relaxing. It affects my sleep, and I become obsessive about money. I have spreadsheets, charts, apps, but without willpower it's a huge struggle to stay in control. I get low when I think how tight things are, and blame myself, then my optimistic self sees a positive side and I spend again. To put things right I would literally need a carer by my side every day.

    We're moving next month. Fresh start. Friends are the family we would choose.
  • nmr1991
    nmr1991 Posts: 45 Forumite
    I feel i already suffered with anxiety from life in general, but debt just recently has put me on edge.

    When i was a student i had my first debit card, and as soon as I saw +£1500 available (as interest-free overdraft) i splashed out on whatever a typical student would do, alcohol, clubs and eating out. Obviously looking back i could have budgeted better but at the time nobody told me the effects it would have or what an overdraft meant, for all i knew it was part of my loan that I won't have to pay back until earning over 21k.

    Now feeling the effects of impulse buying, gambling, and fallen through the cracks of a flawed welfare system (to the point, been sanctioned for over 6 months), i've gone to the point of having no income, almost £2k in overdraft and interest is starting to stack on, with mental health issues meaning most jobs won't be suitable for me even if I were really desperate for one i'd hate to work in.

    1st scenario: My bank will sit back and leave my account alone until I have a job and work out a DMP
    2nd scenario: I will be able to get my overdraft written off, because I have nothing of value in the event a bailiff notice arrives. Only things of value are my computer and random accessories which may not even be worth anything.
    3rd scenario: My family finds out that i'm in deep amounts of debt that they will have to pay towards it, which is the worst case for me.
  • I feel for all these sorties, I I guess in a way I have been lucky.
    I am 29 now.
    Diagnosed at 16 with depression.
    Diagnosed a 25 with cyclothymia.
    Been in debt (it seems like forever)
    I have never doubted any of the money I owe, but have been paying £1-£5 a month to them. They will get paid it will just take time.

    I am also very lucky I can now talk to my mum, though she doesn't know the amount.
    I do think there needs to be stringent which to be applied to some, if not all lending. Although due the DPA, unless we say something , it will not help.

    I think the main problem can start at about 19-21, that was when I got a £2000 loan and a credit card. Yet my lil brother who is 25, hasn't had core.any kind of credit = no credit score.

    Anyway, long story short there should be more accessible help.
  • Ive been in debt since I was offered my first credit card when I was 18. I didn't understand that it was a debt card and not a credit card. I gave in to the overwhelming temptation to buy some of the things I'd always wanted. I had no idea of how hard it would be to pay it all back once interest had been added.

    When I left college I was offered a graduate overdraft, which I foolishly accepted. When I still hadn't managed to get a job after 6 months I began to get pressure to pay it back, even though I was on unemployment benefit. I managed to find a job eventually, but never earnt enough to get free of the debts. It was always a worry at the back of my mind but I coped and had an excellent credit reputation. As a result I kept getting offered more credit.

    When the recession hit in 2008 I struggled to make my monthly repayments and pay my living expenses. I become very stressed and depressed. At one point my OH and I were paying £1000 a month in interest alone! We were were working like slaves but never had anything to show for it. I was prescribed anti depressants by my doctor and told that he had seen many people recently due to money worries :(.

    I am 53 now and soon to become debt free :). The relief is overwhelming and only now do I realise what a black cloud my OH and I been living under for so many years. I never want another credit card or loan ever again. I intend to save up and pay for things the old fashioned way. Credit is a trap that I and many others have fallen into and it's very hard to get free when the whole system seems designed to keep you in debt. I wish that when I was 19 I had known what I know now :(.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
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