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The Vulnerability Registration Service (VRS) provides vulnerable consumers with a way of sharing information on their circumstances with companies they have dealings with.

People can choose to be pre-declined for credit applications – or, if they prefer, they can simply make companies aware of their circumstances, so that these can be taken into consideration during any dealings with them. This may include applications or in the case of existing accounts, managing arrears or debt collections.

So, what is vulnerability – and how do you know if you should register? In this post, we want to share some of the main causes of vulnerability to help you decide if registering with the VRS is right for you.

Illness
Any serious health issue such as cancer or a heart attack can have a huge impact on your life – and your ability to work and maintain a stable financial situation. Many people find themselves financially vulnerable in these circumstances and by registering with the VRS, they can let companies know what’s going on.

Physical Disability
People with physical disabilities can find their earning potential is limited. On top of this, there are often higher costs to consider such as specialised equipment and care.
The VRS can be a good option for anyone with a physical disability.

Mental Health
There are numerous links between mental health issues and debt. Mental health conditions such as bi-polar can often lead to irrational behaviour and over-spending. If you’re worried that your mental health could cause you to get into un-manageable debt (or if it already has), then the VRS can help you to protect yourself from this.

Cognitive Disorder
Conditions such as dementia, autism or down syndrome make it incredibly difficult (or in some cases, impossible) for sufferers to manage their finances without support. In these instances, the individual (or someone who has legal responsibility for them) can register with the VRS to ensure that companies are aware of their circumstances and treat them accordingly.

Life Event
Vulnerability can often be caused by our life circumstances at a given time. Life events such as the death of a loved one, divorce or addiction can suddenly throw our finances into turmoil. Rather than struggling through, registering with the VRS can give you some peace of mind and let companies know what’s going on until you’re in a better place.

Financial Circumstances
An individual’s financial circumstances are a very common cause of vulnerability. If you are living on a very low income, you’re relying on benefits and/or you have high levels of debt, then that puts you in a vulnerable situation and by registering with the VRS, you can help to protect yourself from further debt and let companies know that you’re struggling right now.

Financial Capability

Lastly, financial management can be extremely difficult for some people, for example the very young, the elderly, someone who has poor literacy and numeracy and people for whom English isn’t their first language. In these examples, the VRS can provide some protection against unmanageable debt and offer a way for you to let companies know your situation.

If you think the VRS could be a good option for you, then registering costs nothing and couldn’t be simpler. You can watch this quick tutorial to see exactly what to do. Or check out our FAQ’s if you want to learn more.