Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

The MoneySaving Forum: join to chat & swap tips with other MoneySavers. Learn how in the Forum Introduction Guide

Mental Health & Debt Guide Free booklet for depression, bipolar and anxiety

A quick message from Martin

All the latest deals, guides and loopholes go in MoneySavingExpert's
free weekly email. Don't miss out!

Get Martin's Money Tips email now!

No debt problems are unsolvable. It might not be easy or quick, but there's always a route. When mental health problems are involved, some special solutions apply.

This is a free 44-page PDF booklet supported by Mind, Rethink, CAPUK and others, for people with mental health problems and those caring for them. It covers how to handle debts when unwell, work with banks, free debt counselling, specific tips for bipolar disorder or depression sufferers, whether to declare a condition and more.

Get the free Mental Health & debt guide

PDFs require you to have Adobe Acrobat reader.
If you don't, click this link to download it for free: Adobe

Listen to Martin's Radio 2 chat with Vine

Martin Lewis talks mental health on BBC Radio 2Click the play button below to hear Martin's stigma-busting radio discussion on mental health and debt with Jeremy Vine. It was originally broadcast on BBC Radio 2 in May 2011.

Many thanks to the BBC for allowing us to share the programme. It's 30 minutes long.

If you can't see an audio player above, download the clip and play it on your computer.

Why we wrote this booklet

Message from Martin

Be under no illusions. Mental health problems can cause severe debt, and severe debt can cause mental health problems.

Debt isn't just a financial problem, it causes relationships to break up, people to lose their homes and families to break down. No matter who you are, it can be hell.

For many living with mental health issues, debt is a common problem. My usual line is we should focus on being responsible borrowers, as you can't expect lenders to be responsible – their job is flogging debt.

A few years ago, I had my eyes opened. A man came up to thank me for the MoneySavingExpert.com website. I asked him if he'd saved much money, and his answer surprised me:

"I don't use it for myself. I'm a mental health case worker, and almost every one of my clients has debt issues. It's tough for them to control many areas of their life. I use your site to help them sort through their problems."

This is the crux. How do we help those who are unable to be responsible for themselves? It is not always easy to be responsible for yourself – and the easy credit years created a potential disaster scenario.

Since then I've heard that story echoed time and time again. I pitched the idea to TV outlets several times, only to be told it doesn't resonate with enough people.

That's wrong. Many people have either had issues or have a family member who has. One in four British adults experience at least one mental health problem in any one year, according to a 2009 Health & Social Care Information Centre report. This is an issue we have to tackle.

Yet it's not right to simply stop anyone with mental health issues getting credit. Often issues are temporary, and, even if not, debt isn't bad, bad debt is bad. A rational decision to borrow cheaply is fine. Mortgages, student loans and more are an integral part of the modern financial world.

While describing the problem is easy, the solutions aren't. I wish I could promise this guide will solve them. It won't, though it should help make things easier to understand and deal with.

How the booklet works

Thought bubblesThis guide is not only aimed at people experiencing mental health problems, but friends, family and carers who want to help them tackle their finances.

It was written with guidence from several leading charities and organisations, including Mind, Rethink, Christians Against Poverty and others.

Throughout the guide, there are tips to start taking small steps to cut your debt. We have used real-life case studies from members of the online forum at MoneySavingExpert.com. We've included them to illustrate that you are not alone. Hopefully their experiences of escaping from debt may give you hope that you can do the same.

We've colour coded them: the sadder stories are highlighted in red, and the success stories in green. If you are feeling low and not in the mood to read about someone else's problems, you can simply skip the red ones.

Don't miss any guides, deals, vouchers & loopholes
Get MoneySavingExpert's free, spam-free weekly email

What's inside?

If you want a sneak peek before getting the full Mental Health & Debt PDF guide, here's a quick breakdown for each section of the guide.

The big message:

No debt problems are unsolvable. No matter how bad it seems, while it may not always be easy or quick, there is light at the end of the tunnel.

Of course, when mental health is involved, sometimes just having the energy to deal with it is tough. And that's what this guide is about: recognising that mental health and debts are a marriage made in hell, so we've easy practical steps you can take to get back on track.

Getting started — analyse the problem

Chapter 1

There are two ways to deal with problem debt, and which is right for you depends on whether you're in what we call debt crisis or just have worrying or large debts. This chapter shows the solutions that apply to each.

It also covers the three things you need to know about debt, disability-related benefits and tips for bipolar sufferers.

Get free debt help

Chapter 2

For those in debt crisis who are consistently struggling with debts and unable to meet repayments, free personal help is invaluable. The aim is to find non-profit debt counselling, in other words, a one-on-one session with someone whose job is to help you, not to make money out of you.

This chapter includes all the contacts you need, as well free online debt help tools and how to deal with emergency issues.

Working with the banks

Chapter 3

Many people with mental illness are sceptical about telling banks about their condition. But there can be some definite advantages. Once a lender's aware, it has to make adjustments.

This chapter covers your rights and protections under the Lending Code, plus whether to declare your condition, with tips from mental health charity Mind.

Approaches to treat mental distress

Chapter 4

If you feel unable even to contemplate sorting out your money, some of the suggestions in this section may help you begin your recovery. They are tips from experts in the field and from those who've experienced problems — and offer a number of different approaches.

How friends, family & carers can help

Chapter 5

Where to start if a friend or family member has mental health and debt problems? Dealing with debt issues can be stressful at the best of times; those struggling need support as they make their way through the steps to being debt-free.

This chapter explores how to support your friend or relation, from basic/joint bank accounts to power of attorney. You can also find out about carers' benefits and discounts.

Get the free Mental Health & debt guide

PDFs require you to have Adobe Acrobat reader.
If you don't, click this link to download it for free: Adobe

Join in the Forum Discussion:
Mental Health & Debt Guide
If you haven't already

What the * means above

If a link has a * by it, that means it is an affiliated link and therefore it helps MoneySavingExpert stay free to use, as it is tracked to us. If you go through it, it can sometimes result in a payment to the site. It's worth noting this means the third party used may be named on any credit agreements.

You shouldn’t notice any difference and the link will never negatively impact the product. Plus the editorial line (the things we write) is NEVER impacted by these links. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. For more details, read How This Site Is Financed.

Duplicate links of the * links above for the sake of transparency, but this version doesn't help MoneySavingExpert.com:

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.