We’re launching a new campaign to highlight – and break down – barriers that prevent some people from accessing debt help.
Our ‘Debt Doesn’t Discriminate’ campaign is set to start next week (8 November) to coincide with, and support, the Money and Pension Service’s (MaPS) ‘Talk Money Week’.
Research from MaPS shows that 9 in 10 adults within the UK didn’t find it any easier to talk about money during the pandemic – or don’t even discuss money at all.
But why is this? And how can we overcome this to have more open, honest conversations about our finances?
Don’t suffer in silence
According to research from our 2021 Post-Covid Survey, 73% of people were embarrassed to seek debt advice, despite 80% of customers saying their mental wellbeing improved after they’d sought help.
And with debt arrears (mostly from rent) incurred during lockdown predicted to be up to £1.6 billion (Citizens Advice 2021), with around a third of older workers saying the pandemic has impacted them financially (IFS, 2021) and part-time workers, young people and the self-employed among those worst hit financially by COVID-19 – it’s clear that debt doesn’t discriminate and the need to talk has never been greater.
We know what being in debt feels like
We’ve spoken to our customers, other debt advice agencies and our advisers themselves as part of our campaign, to really understand what it means to feel out of control financially, and how people with lived experience have turned their lives around.
One common theme that has come out is that there’s a perceived stigma around being in debt – but the reality is, it can happen to anyone.
Doctors, single parents, police officers, teachers – your career or background doesn’t make you exempt from falling into debt.
We feel if more people knew how widely this issue affects people – they’d be encouraged to open up more, and we can banish the illusion of debt being something that only happens to some people, and not to others.
We’re not here to judge, we’re here to talk
We’ve heard it all. As in, no matter what situation you’re in – or whatever your personal circumstances – we recognise that all our customers are individuals with their own story.
Our advisers recognise how big a step it can be to reach out and get help – in fact, some of our team have been in debt themselves in the past.
The old saying, “a problem shared is a problem halved” is true – because the moment you start speaking about what you’re going through, we can then signpost you to any additional support we feel you might benefit from.
Talking about your debt is the first step to getting help
39% of our customers said their debts were affecting their jobs and relationships – which really shows how vital it is that we talk about debt more.
At PayPlan, we’re passionate about helping our customers achieve not only their debt-free dreams, but overall financial wellness for the future too.
When you’re ready, we’re here to talk and help you get back on track.
Remember the sooner you get in touch, the sooner we can help you move forward. Click here to start your journey today.
To find out more about Talk Money Week, click here.