Struggling debtors 'may need insolvency solicitors'

Published on 18 Jun 2010 under category: legal

More than four out of ten debtors could require the help of insolvency solicitors because they have not sought assistance with their financial problems.

According to a new survey by the insolvency trade body R3, some 44 per cent of those struggling with debt have buried their heads in the sand.

The group estimated that almost one million debtors in the UK have not sought professional help to sort out their debts.

Ironically, almost ten per cent of these individuals said they were reluctant to do so for fear of being declared bankrupt.

R3 president Steven Law said: "Refusing to acknowledge your financial troubles won't make them disappear.

"If individuals leave it too late to seek help, bankruptcy may be their only choice," he remarked.

Separate research from R3 has shown that young people aged 18 to 24 are more likely to keep quiet about their debt problems than their older counterparts.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.