How You Can Deal with the Debts of A Vulnerable Individual

Helping a friend or a family member or perhaps a vulnerable client deal with their debts does not entail the same solutions because each person’s situation is unique from the others.

Somehow if you see them struggling with their dents, you want to support them in getting their debts under control. This applies if you have a close friend, family member, or a client as a social worker, or as a professional whose aim is to help your client known down debt problems.

Worried About Vulnerable Individual’s Debt Amidst the COVID-19 Pandemic

Several measures are considered to assist individuals who are coping with the effects of COVID-19 or Coronavirus Pandemic to their finances. These include payment breaks on mortgage and payment holidays for some unsecured debts and moratorium extension for residents in Scotland.

You may also read our guide: Financial Help Available During Coronavirus Pandemic and Payments for Car Loans and Finance During Coronavirus Outbreak.

Creditors and advice offices normally relate to someone who finds it exceptionally difficult to manage with their debt as vulnerable individuals.

If a lender or other organization like us are made informed that someone is conceivably vulnerable, they must consider special care to secure that the individual gets the same assistance but is not placed at harm due to their circumstances.

Determining Vulnerability

There’s no fixed interpretation of a ‘vulnerable’ individual when it befalls to managing debts. Anyone who pronounces it exceptionally difficult to manage their obligation due to their circumstances or well-being could be acknowledged vulnerable.

Creditors must also handle vulnerable clients with consideration. Check our guide on your rights if you are vulnerable.

Someone may be vulnerable and require special support to manage with their debts if they’re under the following circumstances:

  • just recently dealing with bereavement
  • having issues concerning mental health
  • diagnosed with a terminal illness or long-term treatment
  • Insanity or brain injury
  • Dementia
  • Impairment or Inability in writing or speaking, for example, reading or speaking on the phone
  • Learning incapacity
  • Relationship failure
  • Alcohol Abuse or Drug Addiction

The circumstances mentioned are not complete as there are several circumstances why someone could see managing with debts unmanageable. The vulnerability may be unstable, which means someone could be grappling now but can possibly manage as time goes by.

In addition, vulnerability may not change all aspects of someone’s life, so, for instance, they may encounter no difficulties dispensing with other daily activities, but find it hard to manage their debts or finance.

What should I do as a vulnerable person to remain safe despite the COVID-19 pandemic?

Through such an unknown extent, it’s expected that you must be undergoing anxiety and confusion. This is particularly the situation if you’re under vulnerability.

Whatever your circumstances are, you must look for help or determine alternatives available for you.

The Best Way to Help A Vulnerable Person

There’s no unique solution to this since each person’s situation is diverse. If you’re supporting someone to manage with their debts, the kind of advice they need will have to be fitted on their situation.

Encouraging someone to overcome the anxiety and concern of debts can create a great distinction between supporting them to deal with other issues.

Two of the usual essential elements to consider in supporting a vulnerable individual are as follows:

  • Encourage them to obtain debt advice from us, either by calling us on 0800 193 1024over the phone or encouraging them to use our Debt advice tool. This will provide an understanding of how to deal with their debts.
  • Encourage them to communicate with all their creditors and inform them that they’re trying with payments. Once the person you’re encouraging allows, notify the creditors regarding any additional concerns and clarify that they’re vulnerable. We greatly suggest you try this. Creditors are normally much more sympathetic than you might assume once they understand someone is deeply ascertaining it vigorously to manage debt. Nevertheless, they can’t support except they are aware of the situation.

There are other situations that may be especially valuable to someone in debt problems such as:

  • Consent to permit them to attach your name in their existing account with us. This way you can talk to us on their behalf. Acknowledge the same circumstances with their creditors, so as you can talk to them when necessary.
  • Encourage them by understanding through paperwork
  • Assist them to obtain relevant information such as creating a list of all their creditors with account numbers, payment amounts, and contact details.

Besides, supporting someone with their debts such as giving your name, or point of contact to creditors, will not influence your credit file, and you can’t be delegated accountable for paying their debts.

We Can Help

If you are in the tailspin of giving up on someone who is vulnerable, seek for FREE DEBT HELP. Our debt experts can give you useful advice on how you help someone get their debts under control.  Should you wish to speak via phone, call us on 0800 193 1024.