A creditor is any organisation you owe money to, such as your bank, mortgage lender, credit card provider, landlord, local authority, energy, water, phone or broadband provider.
Many people are worried about talking to their creditors about their poor mental wellbeing.
But it's a good idea to tell them, because once they know, they’ll be better able to provide you with support.
Ask if they have a specialist team or what else they can do to help customers in your position. Most companies will let you contact them in the way that best suits you – webchat, email, telephone or even in person.
Consider asking your bank to add a note about your mental health to their files. This may help alert them to signs of any unusual spending that you might carry out when you’re feeling unwell. However, it might slow down any application you make to your lender for credit in the future.
MoneySavingExpert has a downloadable booklet that takes you step by step through the pros and cons of telling your creditors.
You can also add information about any mental health condition to your credit files in a 'notice of correction'. This can be added or removed whenever you want and will leave no ‘footprint’ of any kind.
You could ask your creditor to send a Debt and Mental Health Evidence Form to your GP or other health professional, so that they can find out more about how your mental health is affecting the way you manage your money and take this into account. Not all creditors will want to see written evidence of a mental health problem, but if they do, this form will be useful.
Breathing Space (also called The Debt Respite Scheme) gives someone in problem debt the right to legal protection from their creditors. You can find out more about Breathing Space and the Mental Health Crisis Breathing Space in the section below and on the Mental Health & Money Advice website.