PayPlan partners with Bipolar UK to provide further support to people with mental health conditions
We’ve partnered with Bipolar UK to provide appropriate support and debt advice to new and existing clients who are affected by bipolar.
Bipolar UK is the only national charity dedicated to supporting individuals and families affected by the much misunderstood life-long condition.
We’re now working together as part of a joint referral partnership to help those with severe mental health conditions access free debt advice. The partnership opens a new avenue for those affected to get help and support if they are struggling with their finances.
A recent survey conducted by the charity’s Bipolar Commission highlighted an alarming delay of 9.5 years in people getting a diagnosis of bipolar. Of the 96% who reported an impact due to the delay in diagnosis: 54% reported impulsive spending and getting into debt and 53% had lost their job or studies. Most worryingly, 40% had attempted to take their own life.
In the same survey, unwanted debt from impulsive spending was estimated to be an average of £10,000* and loss of earnings was estimated to be an average of £30,000*.
Lorna Morgan-Glanfield, Strategic Partnership Manager at Bipolar UK, said: “We are really pleased to be working with PayPlan and to be providing additional debt advice support to those in need. Many people who have bipolar overspend when they’re going through a period of mania or hypomania, or their income can be affected if they can’t work during periods of ill health. We are pleased that we can now refer people for additional money and debt advice from advisers who understand how the condition can impact their finances.”
Living in debt has a massive toll on wellbeing, with 85% of our clients telling us debt has impacted their mental health. Most clients who approach us are worried about not being able to pay their bills and nearly half have spoken to their doctor about mental health and stress.
Our CEO, Rachel Duffey, said: “We already work with other charities to assist vulnerable clients, and making debt advice as easily accessible as possible to everyone is a huge focus for us.
“We’re delighted to be working closely with Bipolar UK and proud to be able to support clients who have bipolar – and who are struggling with their finances – to get the support they need in a way and at a time that’s convenient to them.”
Find out more about our partnerships team and how to work with PayPlan here.
* based on median of responses