The link between debt and suicide

By Mr Bankruptcy

30th October 2019

Sadly, in the news last week was another report about suicides directly related to debt. This particular report looked at people who had committed suicide after contact with HMRC, but I think this is being harsh on the taxman. It’s believed that up to 50% of people struggling with unmanageable debt will consider suicide.

So, as we enter what can be a very expensive time of year, which can often exacerbate a debt problem, it’s important to be aware of the help that’s available.

Some shocking figures on debt and suicide

I find the figures illustrating the impact of debt on suicides genuinely shocking and very saddening. In 2018 the Money and Mental Health Policy Institute published a report, called “A Silent Killer”, which highlighted the scale of the problem:

  • In England, over 420,000 people in debt think about taking their life each year
  • More than 100,000 people in debt actually attempt suicide
  • People with debt problems are three times more likely to have considered suicide than people with no debt.
  • Persistent poverty and financial insecurity over a long term put people at greater risk of becoming suicidal
  • Sudden triggers, such as intimidating and threatening letters from lenders, can push people into become suicidal.

It’s not weakness to talk about your debt problem

The effect of debt is something we rarely like to talk about. In an earlier blog I discussed supporting vulnerable clients with debt management because we know how profound the psychological impact of debt can be.

The essential first step in any debt situation is to start talking about your situation and seek specialist advice. This can feel very personal, because people in debt can also be struggling with marital breakdown, unemployment which can lead to mental wellbeing issues.

However, attitudes to talking about mental health issues have shifted significantly in recent years, especially among men, thanks to some very high-profile champions for mental health in the media and popular culture.

And it’s important to understand that you aren’t alone in this; not only can debt advice help you navigate to becoming debt free, it’s always done with empathy and support.   

And many of the case studies I use on the James Rosa Associates website illustrate the fact that despite the range of debt problems people can find themselves in, there is usually a solution to be found, if only you can take that first step and ask for advice.

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/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 want to deal with an unmanageable debt, or 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.