Supporting vulnerable clients with debt management
By Mr Bankruptcy
12th August 2019
As a debt advisor I see the profound effect that unmanageable debt has on any person’s wellbeing but particularly on those people who are in a vulnerable situation can find it additionally difficult to manage their debt.
There is no single approach to managing debt and each client’s needs are different to the next, so it’s essential if you’re in that position to find a debt advisor able to help you no matter what your particular circumstances are.
The impact of debt
When supporting clients who are managing debt, we find many situations that can make people particularly vulnerable, for example if you’ve experienced recent bereavement, suffered from long term illness or a relationship has just broken down.
One of the impacts we see most frequently is the effect of debt on people’s mental wellbeing, the increased stress and anxiety, exacerbated by the subsequent lack of sleep it causes. The Mental Health Foundation suggests that a lot of debt related anxiety comes from people not getting enough support from those around them, be they creditors, family, friends or employers. Without this support the burden of debt is felt more keenly.
How a debt advisor can support clients
Experienced debt advisors want clients to feel part of the debt management solution. To achieve this, the following are important:
- Information is provided in a clear manner
- Clients are given all the information they need to make informed decisions based on all options
- Advice is tailored to circumstances and delivered in a way that suits each person
- Clients are confident that their advisor is working in their best interests by building a relationship built on trust
- An advisor is qualified to ensure all legal and regulatory obligations are met to prevent further problems
One particularly vulnerable client we supported had suffered a breakdown after his business had gone into liquidation and his relationship had ended.
A case study
He was dealing with substantial debts but had no assets or income and it seemed that bankruptcy was his only option. Some additional financial support became available to him and we were able to manage a substantial write-off of his debts by working with creditors, making them aware of the circumstances and then negotiating on our client’s behalf. I’m delighted to say he’s now doing very well.
What is important to take away from this situation is that, with the right support and advice, it is possible to manage what can often feel like an insurmountable situation and that your personal circumstances should always be taken account of when coming up with a realistic solution.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners and directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
● Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you need to deal with debt that has become unmanageable, or to bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.