ONE in TWO adults with debts have mental health issues.
How do People in Scotland get into Debt?
Generally people in Scotland who are on a low income such as benefits or can’t find regular employment find themselves in debt as it’s hard to manage a low income & any unexpected bills can be a quick path to being in debt. The most common reasons for falling into financial difficulty are;
Loss of job
Loss of income
Break up of a relationship & two incomes turn into one
Lose a loved one
Having to borrow money or fall behind when an emergency pops up
Mental or physical illness that can leave someone unable to work or go off on the sick
Not getting paid on time if self employed, from an employer or benefits
Living on a low income which is common for people to live on less than they need
Having to purchase a new item in an emergency such as a washing, fridge/freezer etc.
Not dealing with bills on time which can lead to extra charges
Creditors such as banks and loan companies offering money you don’t need
What effects can being in debt have on someone in Scotland?
This is where mental health issues can start to begin or made even worse when the stress of dealing with debt can eat away at someone and more often than not people in Scotland deal with debt on their own instead of asking someone to help or even just talking to someone close to them to get advice. Dealing with debt can be stressful in many ways;
Feeling guilty and that the debt is all your fault but that isn’t always the case
Feeling embarrassed to reach out and tell someone about your situation
Feeling there is no way out and no one can help often caused by ignoring the debts
Feeling on edge and nervy with worry that someone might find out
Feeling depressed and anxious at constantly paying out to debts and they never go down
Feeling helpless if your debt is getting worse
Feeling pressured and bullied by your creditors calls, texts, home visits and letters
Feeling out of control
We are covering these issues as daily we speak to people in Scotland who are in debt and the majority of the time people’s mental health is taking toll and we feel not enough people know there is free help out there and there is no need for anyone to bury their head in the sand and ignore the debts.
One individual we helped recently had to say: “Each person that we dealt with gave us great advice and made a potentially very stressful situation extremely easy but without the help we felt like there was no way out and felt like we didn’t want to come home after work to deal with our problems.”
So the biggest question on any debtors mind is – Where do I start when trying to sort my debt??
No matter how much someone owes the sooner it is taken care of always works out best. Talking to people you know or trust and get there opinion or just get it off your chest, this can make things a lot less stressful and will also give the feeling of it is not the end of the world.
The best steps to getting debt free would be;
Writing out a list of who you owe money to and roughly how much (even if it is just a rough starting point)
Work out what money you have coming in each month and what expenses need paid off that to see what disposable income you have left
This can be very helpful as it will allow you to realise your total debt level and what you can afford to pay to that each month, from there a plan can be set up to tackle that as quickly as possible.
Here at www.scottishtrustdeed.info we can assist with working out who you owe money to and how much as well as running through your income and expenditure to see what you realistically can afford to pay each month to become debt free.
If you live in Scotland and feel you have over £5000 of unsecured debt we can help using government legislation called a Scottish Protected Trust Deed to write off up to 75% of your unsecured debt and be debt free in just four years paying what you can afford each month and this will remove the stress of your debts as it will stop your creditors contacting you altogether.
If you would like to know more get in touch!