A creditor is any organisation you owe money to, such as your bank, mortgage lender, credit card provider, landlord, local authority, or energy, water, phone or broadband provider.
Many people are worried about talking to their creditors about their poor mental health. But it’s a good idea to tell them. This is because once they know, they’ll be better able to offer support.
Ask if they have a specialist team or what else they can do to help customers in your situation. Most companies will let you contact them in the way that best suits you – webchat, email, telephone or in person.
MoneySavingExpert has a downloadable booklet that takes you through the pros and cons of telling your creditorsOpens in a new window
Here are some ways your creditor might be able to help:
Your bank can add a note about your mental health to their files. This might help alert them to signs of any unusual spending you might carry out when you’re feeling unwell. However, it might slow down any application you make to your lender for credit.
You can add information about any mental health condition to your credit files in a ‘notice of correctionOpens in a new window’ This can be added or removed whenever you want.
You can ask your creditor to send a Debt and Mental Health Evidence Form to your GP or other health professional, so that they can see how your mental health affects the way you manage your money. (Not all creditors will want to see written evidence of a mental health problem, but if they do, this form is useful).
Breathing space (also called the Debt Respite Scheme) gives someone with problem debt the right to legal protection from their creditors. Find out more in the following information.