In this current recession, seeking permanent employment can seem like a full time job, but when those good opportunities arise remember that you attracted them. The great thing about a permanent job is having the money that helps you get back in control of your finances, repay your debts and save a little nest egg for the future. However, all of that can fall flat fast if you discover that you have an illness that requires long-term medication or care.
Working for an agency does not bring a heap of benefits, but if you work for a Government Agency or other corporation, you will receive statutory sick pay equating to a certain percentage of your salary for a set period of time. The longer you are off on sick leave, the lower the wage. The first six months wage may be 100 percent payable and then drop to half for the remainder of the year. However, all employers are different and others may be compassionate to your circumstances.
Unfortunately, for a great many people sickness benefit under the Government will be the only option left. However, this payment will not provide enough to cover the essential payments of mortgage, rent, and additional expenses. Stress is the last thing you need on your mind.
Can Debt be the Root Cause of Illness?
Stress is a well-known killer and it can also be the root cause of illness. Severe depression or stress can lead to hopelessness, fear, lack of concentration and a general feeling of sadness. However, debt can be the root cause of depression, which experts have now named money sickness syndrome. So what can you do to protect yourself from debt and illness?
Taken out Payment Protection Insurance? Claim Now
When the doctor has signed you on the sick, think about putting a claim in for the payment protection insurance you have paid to cover your monthly premiums. This insurance will usually give you up to a year to regain your health and finances. Any creditor who is harassing you for payment should be told that you have PPI in place to cover the premiums. Many creditors will be compassionate to your circumstances and halt the interest, or offer a payment holiday instead.
If you have no payment protection insurance in place, then your next option may be to contact the Citizens Advice Bureau (CAB) who will tell you what to do to reach an agreement with your creditors. In some circumstances, the CAB may be able to contact your creditors. If you have never before been in arrears with your creditor then they should be willing to come to an agreement in the current circumstances.
Got a Doctor’s Note? Use it to Your Advantage
Some creditors, on sight of a doctor’s note, may write off a debt completely, or provide several months of non-payment. This proof can make an enormous difference in the way creditors deal with you. The last thing a creditor needs is bad press in being unemotional to a customer’s personal circumstances, which could warrant a complaint. However, some lenders are uncompassionate to circumstances and illness, and in these circumstances contact the Citizens Advice Bureau or the Office of Fair Trading.
Suffering Debt Addiction
During difficult times, it can be easy to turn to money as comfort. Many people spend more than they earn, and then finding the money to repay this debt can be disconcerting. When faced with a health problem, this debt addiction can grow worse. In the UK, it is alarming that there are more credit cards than people, and if interest rates were to rise in the future, this could create financial difficult for millions of UK people. If you believe that you have a debt addiction, visit your doctor and request an appointment with a counsellor.
Sarah Fox is a freelance writer who understands that when you find an unexpected illness and have to reduce the number of hours you work or even quit, it can affect your finances. However, payday loan lenders can offer you financial support when you need it.