Don’t suffer in silence with money problems

27 March 2020

We are all very good at looking after other people, but are we good at taking care of ourselves?

Last year, the findings of the Police Federation’s pay and morale survey for respondents from West Midlands Police revealed:

• 75 per cent felt they were worse off financially than they were five years ago
• 47 per cent worried about the state of their personal finances daily or almost daily
• 13 per cent never or almost never had enough money to cover their essentials.

While no one ever wants to get into debt, owing money is becoming a frightening reality for many people and, although police officers’ own income may not be affected by the current coronavirus outbreak many of them will find their household incomes reduced as their partners’ wages are cut or they are unable to work.

Despite the reality, not many people seek help if they are struggling financially.

Sometimes it can be easier to pretend everything is OK and avoid opening up about debt problems to escape tough questions. This is not because we want to cause harm, but because we want to protect those close to us from our problems or we are concerned about being judged.

However, this does not solve the issue, it only makes it worse.

Don’t suffer in silence with serious money problems, if you’re trapped in a spiral of overdrawn credit cards, unpaid rent or mortgage, bills and more – there are ways to deal with it.

Debt can be crippling, especially when the bills just won’t stop coming in. Getting a handle on your outgoings is the best way to try to get your finances back on track.

If you have been living on very little money for a long time, it can be very hard to save; you may even find it impossible to borrow at a reasonable cost.

All of these things can act as a trigger to cause your financial wellbeing to suffer. When this happens, you may find that your health will also be impacted. Sleepless nights, stress, weight loss or gain and depression are all common effects of living with problem debt.

How to get out of debt

• First know where you stand – get all your statements together, mortgage, credit cards, loans, store cards and bank overdraft details
• How much do you owe on each?
• What are the monthly repayments?
• List all regular outgoings – gas, electricity, water, council tax, insurances and so on
• Add up all your outgoings and the total amount owed in debts
• Do a budget, how much do you have coming in and what’s going out?

Free debt advice is available and will help support you in getting back on track before your money worries become a bigger issue. You are not alone, help is available.

A debt adviser will find ways to manage your debts, even if you think you have no spare money, they can suggest ways to deal with your debts.

Most people who take the step to get debt advice feel less stressed or anxious and in more control of their life again. They often wish they had sought advice earlier.

There is support to help you find a sustainable solution to your debt problem. You are not alone help is available.
Debt advice companies include:
PayPlan - 0800 280 2816
Stepchange - 0800 138 1111 

You can also contact the Federation by emailing westmidlandspf@polfed.org  the WMP Benevolent Fund may also be able to help if you are a member – email info@wmpben.co.uk

The Police Federation of England and Wales has set up a dedicated page for information about the coronavirus which also includes information for members facing financial difficulties.