Martin Lewis has shared several ways you could help prevent debt if you are struggling with your mental health.
The Money Saving Expert website founder returned to TV screens tonight with his one-off Martin Lewis Money Show special. The show is for World Mental Health Day (October 10) and the focus of tonight's episode was money and how it can affect your mental health. On tonight's episode, Martin shared one way you could prevent yourself from falling into debt if you are suffering from a mental health condition - Martin noted bipolar disorder as an example.
Bipolar disorder is a mental health condition that causes extreme mood swings that include emotional highs - which is called mania or hypomania - and lows such as depression. Martin explained that if someone is going through a period of mania, they could potentially end up taking credit out which they cannot afford, putting them in a very difficult position later down the line
One thing Martin highlighted as being able to potentially help you is putting a "notice of correction" on your credit file. He explained: "So my first thing is for some people, for example, a condition like Bipolar, the way you treat money can change at different times during different phases. So there can be times when you don't trust yourself with money when you're unwell.
"You could add a notice of correction, that's a 200-word phrase to your credit file, where you say 'I have mental health issues I should not be applying for debt. Please don't give me any more debt'. Now look, you can always take it off, but it can take up to 28 days to do so. This may just give you the time and space to reconsider the borrowing you were thinking about."
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It is free to add a notice of correction to your credit file and it will not impact your credit score. To add one you will need to contact all three credit reference agencies in the UK and say you’d like to add the notice. These are Experian, Equifax and TransUnion. Martin noted that the technique will not stop you from falling into debt but they could add "friction to the system". He added: "It won't stop you doing anything. It just makes it more difficult."
The Money Saving Expert founder highlighted other ways which could potentially help if you feel you need it. He said: "You could switch to a basic bank account that doesn't have an overdraft. Even if you have a lower overdraft facility, you can still go over it and you could then face charges. This way you just know you don't have an overdraft."
Martin also highlighted that many banks and credit cards have spending controls. These determine how much money can be spent using your card in a certain context or time interval. For example, you set a maximum number of daily card transactions you can make. You can also add gambling blocks too - which will not allow you to spend on that card at any gambling website or apps.
Martin added: "I'm not telling anyone you should do this. What I am saying is be aware these are options that may help you. And the most important thing if you've got debt, as always, is get free debt help."
If you’re experiencing problem debt or are feeling stressed about money, you don’t have to suffer in silence. The sooner you reach out for help and speak to someone about what you’re going through, the sooner you can get your finances back on track.
Contact Stepchange.org for online debt advice 24 hours a day, 365 days a year, or call 0800 138 1111, Monday to Friday 8am to 8pm and Saturday 8am to 4pm.
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