March 2024 PayPlan Blog #2

How to look after your mental health when you’re in debt

Money and mental health are closely connected.

PayPlan, one of the UK’s largest free debt advice providers, speaks to thousands of people each year who are feeling depressed, guilty or hopeless about their finances.

Here, PayPlan provides an overview of how to look after your mental health when you’re in debt or facing debt.

How does money affect mental health?

Poor mental health can mean that managing money is harder. Yet, worrying about money can worsen mental health. It can often feel like a catch-22 situation with no way out.

Mental health affects our emotions, thoughts, feelings and actions. It links to how we handle stress, relate to others and make choices – including our financial decisions.

We’re committed to helping you to get your finances under control and help you to feel confident about managing money. And we know it works. We know that once we’ve spoken to our clients, over 93% say their mental wellbeing improved and stress levels reduced.

How to spot signs of mental health issues

It can be difficult to spot if somebody is suffering with their mental health, but everyone can be aware of changes in a person’s mood or personality. While this list isn’t a diagnosis, you may notice a mental health sufferer:

·       Feels sad or down a lot of the time

·       Has extreme mood swings

·       Is frequently tired and lacking energy

·       Lacks composure with stress and everyday problems

Dealing with debt and mental health

If you’re in debt and are struggling with mental health, you may benefit from:

Breathing Space

Breathing Space can reduce or stop your creditors from calling you or sending letters chasing you for debts. Have a look at what Breathing Space could mean for you and how to request it.  Breathing Space | The Debt Respite Scheme | PayPlan

Debt and mental health evidence form (DMHEF)

DMHEF can help creditors to understand any mental health issues you may be experiencing. It allows them to change the way they contact you or deal with your debts. Download and learn more about the form:- Debt and Mental Health Evidence Form

Personal Independence Payment & Employment and Support Allowance

Our benefits calculator will help you find out what benefits you can claim. The calculator is free to use, and the details you provide are anonymous.  Benefits calculator (entitledto.co.uk)

If you need help or are concerned about your health, our debt and mental health guide could help you.

What you can do next if you need debt help

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our website at www.payplan.com/SHHUK to speak to us via live chat or for more information.