Mounting costs from poor health is one of the most common reasons for people seeking debt advice.
As throughout chronic illness people are incapable to earn or are dependant on social security, cash shortages can magnify debt problems in multiple ways. Strain caused by debt is in itself a major contributing factor to health issues.
The sort of information people are asking for includes: Free Debt Management Schemes , Protected Trust Deeds, Individual Voluntary Arrangements (IVA’s), bankruptcy advice, administration orders, general finance management and budgeting advice, Protected Trust Deeds, Individual Voluntary Arrangements (IVA’s), administration orders, general money advice and budgeting, Free Debt Management Schemes
Debt councillors tend to spend more time with people burdened with debt from ill health because they appreciate the particularly strenuous times they are experiencing. There aim is to release clients from the strain of debt problems.
The causes for financial issues during illness are many and varied. The usual factors that lead to finance problems for those suffering from poor health are listed below:-
• The speed with which their income has dropped.
• When you are ill you tend to neglect finance issues.
• It can be increasingly tricky to resolve financial issues with people whose health is deteriorating.
• Some people get into financial difficulties because they have more costs connected to their ill health.
• Respite care can be expensive
• Debts can be accumulated by the additional cost of transport for treatment.
• Repaying debts can drastically lower the persons available funds and the reduction in profits due to sickness, makes the circumstances even worse.
• The illness will mean that carers have to be employed.
• The situation can be exacerbated if the income earner’s job is physically orientated. It makes getting back to work take that bit longer.
• Similarly, problems related to mental health may force people to be off work for particularly long periods.
If you have to acquire a new job even more problems develop. Although there are clear employment laws in the British Isles, some people with poor health often develop debt issues because they’re unable work normal hours. For those with chronic term health difficulties, dependency on state benefits will make their financial issues far more difficult to sort out. The problem is that some people suffering from health problems do not qualify for any Disability Living Allowance.
So what can you do? If you’ve already fallen behind on your bills, your creditor will normally suggest methods to pay off your arrears gradually, in parallel with your usual payments. And if you’re unable to pay these extra payments, you may be able to append them to your loan or postpone them for a time. It will mostly depend on your credit history. So pay as much as you can monthly. Make frequent payments even if you have to stagger them as this shows that you are committed then your creditors are more likely to treat you well and you could could minimise the arrears charges as well.
