Debt and depression often go hand in hand – but it’s vital to seek help.
In the run up to World Mental Health Day on 10th October, we conducted a survey among some forum users here on IVA.co.uk to establish the link between debt and people’s mental wellbeing.
It wasn’t a huge leap to discover that 81 per cent of people in debt admitted to suffering from depression. But what was very worrying to learn, was that only 37 per cent said they had sought help for the condition, which implies that the majority are left floundering on their own.
So, what is holding people back from getting the help they need and deserve? The answer could be that 88 per cent said they felt guilty or ashamed and 63 per cent said they thought about it at least twice a day.
We wanted to know which coping mechanisms had proved helpful; 51 per cent said getting professional financial advice had helped them; seeking support from friends and family had provided solace for a further 46 per cent; 21 per cent had sought medical help; and just under a quarter claimed that nothing had helped. Well, it’s encouraging that over half said professional financial advice helped them, but the number really should be higher; there is so much that can be done to get people back on track.
So who took part in our poll? Over half of our survey respondents (56 per cent) were women and the areas of the UK that appeared hardest hit in terms of numbers of respondents were the North West with 22 per cent and the South East with 20 per cent. Other areas of the country showed a more even split, with no other area entering double digits.
Thanks again to all the forum posters who responded to the survey and congratulations to Suzanne Walsh the lucky winner of £100 drawn from all the survey respondents.
Steve Rees - A spokesperson for IVA.co.uk and Director at Vincent Bond & Co.
Want to share your story? Highlighting the issues facing people in debt is often a story that the media want to hear about. iva.co.uk will pay up to £500 for a successful case study - if you are interested please email steve.rees@iva.co.uk for more details.
Did see this on BBC money programme,Step change charity said that on top of the large debt at risks of default, there is 'debt' cost to mental health services.
Their solution is to rid the debt spiral..and like a headache pain kilers is not the cure.
Don't want to just languish on the sophistry of debt and mental health link,action is needed like with Ebola and obesity.
The forum has been a huge support for me over the past five and a half years. I would have had bigger mental health problems without it for Certain! I have found advice here as well as ranted and vented my frustrations.
Once the problem of mounting debts have been addressed by people in IVA's it is all compounded and risen to the forefront by the uncertainty of how IP's or their not so helpful support staff administer the closing procedures and the length of time taken to not just close an IVA but the ridiculous time frames to answer emails or produce an answer to a simple question. Stress at the start of en IVA and mega stress at what should be the close.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I agree Merlin, it does really matter who you are with.
I was very fortunate to find the forum before entering an IVA and used recommendations to find Cleardebt who have been great for us. I feel really sorry for others who have been waiting for way over a year for their completion certificates.
Last edited by relieved33 on Tue Oct 14, 2014 6:22 pm, edited 1 time in total.
