Mental health and debts often go together as one. Bad mental health can be made worse as a result of spiralling money problems and, at the same time, bad money problems can be the instigator for a drop in a person’s mental wellbeing.
Debt advisors, like ourselves, believe friendly and open discussion can help break down barriers between people who are scared about discussing their debts. Almost 4-million households in the UK are behind on some form of payment, according to the Joseph Rowntree Foundation, and they are going to need the assistance of friendly and honest debt advisors to get themselves out of the hole that they are in. The same principles apply for business owners.
Business owners and directors carry the burden of tasking their work home with them after the ordinary “officer hours”. The work never stops. So, when it comes to difficult financial moments, the feeling can be doubly-bad. You cannot escape from your financial pitfalls at work because work is your life.
A survey from PayUK actually revealed that 26% of small business owners feel like they carry their concerns home with them because – as noted – their business is their life. On top of that, 17% of those surveyed felt that payment delays and escalating debts undermined their confidence at running a business.
The Money and Mental Health Policy Institute says that financial hardship is a key instigator of stress. Approximately 1 in 5 small business owners, sole traders and freelancers, who got in touch with the business charity Business Debtline, claim late paying customers contributed heavily to their debt problems.
Financial challenges are proven to slow down the recovery process of somebody struggling with mental health. Those with depression are 4.2 times more likely to still be stuck in this issue 18 months down the line, compared to those who haven’t had financial difficulty.
37% of people who have experienced mental health problems have struggled massively with anxiety when it comes to dealing with essential services. Symptoms include a racing heart and breathing difficulties.
More worryingly, 75% of mental health sufferers find it difficult to communicate through a common method of communication, such as a phone call or a zoom call. This means that business owners in this threshold need to have a compassionate and empathetic expert on the other end of that line, who understands how the whole process works. That’s where we come in.
We advocate talking about your problems to family and friends as a problem shared is a problem divided. You are not burdening others with your worries, you are relaxing the strain that is felt on your shoulders.
However, we feel that the best way to relieve you of your mental health and financial concerns is by talking to us. Not only will our experts listen, they will also be able to plan a route ahead for you and your business.
Who are we?
We are a front-running aid for corporations and people who find themselves in financial hardship. We are also a leading business advice service, providing expert advice and support in personal and corporate insolvency, liquidation, administration, restructuring, and refinancing.
At Business Helpline, we offer expert advice on the options available to you. Our experienced and knowledgeable advisers have a full understanding of the current business support options available to directors, and can advise you on the best route to take.
Call us today at 0800 088 2142.