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The shocking impact of mounting bills on mental health has been revealed by a report which shows how money worries are driving many people to suicidal thoughts.
The Money and Mental Health Policy Institute, a charity founded and chaired by consumer champion Martin Lewis, reports that 17% of survey respondents said they had experienced suicidal thoughts in the past nine months because of the rising cost of living.
Almost three in 10 of 2,049 UK adults polled by YouGov said they had fallen behind with at least one bill. Harassment by polling, debt collection is seen by those who play a major role in the mental health of the debtors. At least 11% of them said they were now “afraid” to open the post From banks, energy companies and other creditors.
The report’s authors called on the government to urgently adopt US-style rules to stop debt collectors bombarding people with overdue bills. They also call for the urgent publication of an update of the National Suicide Prevention Strategy to better reflect the role of financial hardship as a contributing factor.
The charity said there are no concrete legal rules in the UK to limit how often debt collectors can contact people about overdue bills, unlike in the US where creditors are allowed to call debtors up to seven times a week.
One respondent to the report described how he received seven contacts in seven hours from a single debt collection agency, forcing him to stop answering his phone and messages and becoming reclusive as a result.
Louis, founder of MoneySavingExpert.com, has been open about his own mental health struggles. He said: “The link between severe financial problems and suicidal thoughts has long been established. So it’s no surprise that on the back of the pandemic, the cost of living crisis, with bills skyrocketing, is causing some people to suffer.
“Yet the scale of this distress is particularly worrying, and it leaves serious concerns about the impact on the number of people who may consider taking their own lives. We know that being bombarded with letters, calls and threats of court action from debt collectors can be frustrating. , can feel helpless and can even contribute to people committing suicide. So the sooner certain safeguards are put in place to limit how and how often debt collectors can contact people about missed payments – the better – Even the bastion of free markets, the USA, has stricter rules on that than we do.”
Helen Undi, the charity’s chief executive, said suicide rates spiked in the last recession and the government needed to take urgent action to learn the lessons from that time. “There is rarely a reason for someone to commit suicide, but it is clear that the bombardment of letters and calls to people with debt problems is causing great distress.”
A Government spokesman said: “We understand the negative impact financial difficulties can have on a person’s mental health and the Government is committed to supporting people in problem debt. Through our breathing space scheme, we have protected more than 100,000 people who cannot afford to pay their debts by pausing enforcement action, creditor contact and most interest, fees and charges for a 60-day period, giving them time to find a debt solution. works for them.”
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