💷 The mental cost of debt can endure and it looks set to have an impact over years to come 🖋️ By Laura James
Marianna, 29, a freelance TV and events producer based in London, found herself in a precarious financial position when a dispute with a company contracting her cost her £12,000 in lost revenue. A year later – and despite having agreed to settle at a substantially lower figure – she’s still fighting for the money she says she is owed.
Catherine Moore, a cognitive behavioural therapist at Moore & Moore Living, says financial PTSD is not a term used clinically as a diagnostic criteria, but it is nevertheless real. Helen Undy, chief executive of the Money and Mental Health Policy Institute, agrees and has called on the Government to act on repeated – often aggressive – demands from creditors.
“One person we spoke to was contacted seven times in seven hours by just one creditor. When you’re behind on multiple bills, that quickly adds to a feeling of being bombarded and harassed. We want the Government to put limits on how often creditors can contact people about overdue bills. Acting now could genuinely save lives as the cost of living crisis deepens.”, putting their heads in the sand in the vain hope their problems will somehow simply go away.
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