Debt advice need for mentally ill

People with financial problems should seek debt solutions before their situation affects their mental health.

This comes after the Nottingham School of Economics (NSE) found that depression and mental illness will increase as people struggle with personal debt in post-recession Britain.

Their research is based on figures which state that 13 per cent of those surveyed admitted to having debt problems and mental health concerns.

This compares to just 3 per cent of people without financial problems who reported psychological issues.

The Money Advice Liaison Group (MALG) notes that people with debt and mental health worries are more likely to regard their financial situation as out of control, whilst some may not even be able to comprehend the level of their personal debt.

Kevin Still, director of Atlantic Financial Management, says: "Debt and mental health are strongly correlated and at Atlantic Financial Management we follow the MALG guidance in dealing with people with debt and mental health problems.

"The Evidence Form is recognised by the vast majority of lenders and debt collection agencies, with the potential for significant debt relief where supporting medical evidence is supplied."

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