Debt and Money Management
Some organisations provide free and confidential help and advice. You don’t have to deal with the debts by yourself.
- Make sure your income is paid into a bank account that is not linked to your debts.
- Write a budget sheet to work out what you can afford to pay.
- Separate your debts into priority and non-priority – deal with priority debts first.
- If you do not pay your priority debts you may lose something important, for example your home or fuel supply.
- If you do not pay non-priority debt you may be contacted by a debt collection agency or get a county court judgment.
- You will default on your debt if you do not pay at the rate agreed when the agreement started. This will be noted on your credit reference file.
We know that money and mental health problems often go hand in hand. That’s why Rethink Mental Illness, as part of Mental Health UK, have set up a new website. It will help you understand, manage and improve your mental and financial health. You can find a wide range of information to help you manage your debts. Just visit www.mentalhealthandmoneyadvice.org to find out more.
Last reviewed in February 2017. Next review February 2020.
Visit the Mental Health & Money Advice site
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0300 5000 927 Monday - Friday 9.30am - 4pm, not including bank holidays