Personal Financial Distress
— How To Help Your Client Through The Darkest Of Days
At Solvency Solutions we understand the psychological and emotional impact that personal finance issues can cause on people and their families.
They can feel helpless, useless and unable to cope. They can also feel they they can't admit the problem to anyone including their family - and often will hide unopened bills in drawers hoping the problem will go away, which of course it won’t.
If left unresolved these concerns can lead to insomnia, medical problems, excessive weight gain or loss, arguments and in more extreme cases can even result in marital breakdown, mental illness, serious physical illness and suicide. In 25 years dealing with insolvency I have seen all of these. The worst is that this leads to a vicious circle where the increased problems lead to further depression and self-loathing making the problem worse.
Sometimes these financial issues will come out because they see their professional adviser (possibly an IFA) to see if they can borrow more (which even if finance was available may only worsen the problem). Or maybe they go to see their accountant because they run a business which is struggling and they have borrowed personally to support and the accountant can see there is a problem.
We also understand that it is very difficult for the advisor to raise the issue with the client and can be awkward dealing with the emotions that addressing the problem may bring. These can display themselves in different ways including anger, denial and tears.
Whilst it can be difficult for a client to address these issues and it may be that the only solution is to go bankrupt we can prioritise seeing your client and looking at the possible ways forward to put their life back on track.
We have produced for you a couple of helpful guides.
Not all Insolvency Practitioners are the same, and you want to choose an IP who will work with you and your client to secure the best possible outcome. If you want to read our goide on 'How To Choose An Insolvency Practitioner', then please just put your details in the form at the top of this page and we'll send you a copy by email in the next few minutes...
We have produced a second guide for professional advisors called 'How To Speak To A Client In Distress': if you would like to read it, then please click this link, put your details in the form and we'll email it right over.
So if you have a client facing personal financial distress - or if you are facing a difficult financial situation yourself - then please call Fiona Monson, sooner rather than later, on 01444 848766.