As more and more is being done to raise awareness of mental health, the link between a person’s mental wellbeing and their finances is also becoming far more recognised. Being in debt is cited as a major cause of depression, and recent reports suggest that one in four people with a mental health problem are also facing financial difficulties, with one setting up the other to form a vicious circle that it can be very difficult to break.
With a mortgage being the single biggest monthly expenditure for many households it’s not hard to see the impact that struggling to make a mortgage payment would have on most people. Whether it’s losing a job, becoming ill and unable to work or finding it difficult to cope following a relationship breakdown or a bereavement, there are so many situations that can lead to falling behind with the bills, which for some people can trigger feelings of anxiety or depression.
Our founder, Monica Bradley says, “It’s so easy to get caught in a downward spiral about debt and financial issues, but sometimes just talking about it to someone who is totally uninvolved can help, as they can see things more objectively and with a clearer perspective. It’s very rare that debt problems, particularly mortgage difficulties, can’t be resolved one way or the other, so rather than suffering alone and watching the problem get worse, do get professional advice.”
Monica continues, “There are debt counselling charities, such as StepChange or the National Debtline, who are able to look at broader debt-based issues, such as mounting credit-card or ‘pay day’ loan debts. These charities can provide a valuable lifeline to those who feel overwhelmed by their finances and provide excellent tools and resources to help get people back on track financially.”
“However, for those who have a mortgage and have fallen into arrears, it’s best to get more specific advice from a qualified mortgage advisor who is able to review your current situation to help find a solution. We are able to provide an initial ‘listening ear’ and see how we may be able to help and would encourage anyone who is currently facing difficulties with their mortgage to reach out to us and arrange a time to either pop in for an informal chat, or to give us a call and speak to one of our team.”
“Our approach is very much non-judgmental; we’re not here to tell you how bad you are with money or that you’re a failure, we’re just here to help you to communicate more easily with your lender to find a way through your current situation, and hopefully help you to put a plan in place which helps to keep you in ownership of your property.”
Monica concludes, “So please don’t think that there isn’t anyone you can talk to about difficulties with your mortgage. If we can help you, do let us know. Our door is always open and the kettle is always on.”