World Mental Health Day: Maisy’s story

At Money Wellness, we understand the devastating effect money worries can have on your mental health. And we also appreciate that living with mental illness can make it much harder to manage your money.

It’s our goal to help our customers live more and stress less, so we were delighted to find out earlier this year that 80% of people find talking to us reduces their stress levels.

To mark World Mental Health Day (10 October), we’re sharing some of our customers’ stories to show that when all seems lost, there is help available.

Maisy’s story

Struggles with her mental health forced Maisy to reduce her hours at work. This had a devastating effect on her quality of life as she could no longer afford to cover her essential bills. She tried to get by on help from friends and family but it wasn’t enough.

By the time Maisy got in touch with us, her gas, electricity and phone had been cut off because she hadn’t paid the bills, and she was struggling to afford food.

Our recommendation

After making sure we had a full picture of Maisy’s situation, we recommended a debt relief order (DRO). This means her unsecured debts of over £4,000 will be frozen for a year. If her situation doesn’t improve in that time, those debts will be written off.

Maisy’s verdict

Maisy admitted she was nervous about getting in touch and said it took quite some time to go through her finances. But she added:

“You can’t complain when the outcome is an approved DRO.”

Maisy spoke to two of our Money Wellness colleagues. She said:

“Both of these people were unbelievably helpful and not judgemental. They helped me thoroughly and advised me. I felt very comfortable after the first half an hour.

“The reason I’m in this mess is partly because my anxiety on the phone gets the better of me and debts have mounted up.

“I honestly can’t thank these two handlers enough. My DRO was approved and I can rest easy now.”

Could a DRO help you?

A DRO is just one of a range of solutions we offer customers struggling with problem debt.

When you contact us for help, we’ll look at your finances in detail and let you know which, if any, debt solutions are suitable for your situation.

DROs are available in England, Wales and Northern Ireland.

A DRO may be suitable for you if:

• you owe £30,000 or less
• you’re not a homeowner
• you don’t own anything of much value
• you have very little spare money at the end of the month

A DRO lasts 12 months. After that time, if your situation hasn’t improved, the debts included in your DRO are written off.

During your DRO, lenders aren’t allowed to chase you to pay.

The Insolvency Service charge a £90 fee for a DRO. This is a lot cheaper than the cost of going bankrupt.

Before applying for a DRO, it’s important to bear in mind that it will stay on your credit file for six years. You’re likely to find it difficult to borrow from mainstream lenders during that time.

You also need to be aware that if your financial situation improves during the 12 months, your DRO will end and you’ll need to arrange to repay your debts.

Want to find out how we can help you?

To get help with your debts, you can either complete our online advice journey at a time and place to suit you. Or you can ring us on 0161 518 8282. We’re here Monday to Friday 8am to 8pm and over the weekend between 10am and 4pm.