Young people 'may be more in need of insolvency solicitors'

Published on 16 Jun 2010 under category: legal

Young people may be much more likely to require the help of insolvency solicitors than their older counterparts, new research shows.

According to the insolvency trade body R3, more than one-third of people aged 18 to 24 who are struggling with debt have not spoken to anyone about it.

By contrast, only nine per cent of 55 to 64-year-olds have kept quiet about their debt problems.

In addition, over a quarter of young people leave bills unopened because they cannot face them, compared to one in ten older people.

The survey also showed that 28 per cent of 18 to 24-year-olds try to avoid contact with their creditors. This figure drops to 11 per cent for those in the older age group.

R3 president Steven Law said: "Despite a global recession and near financial meltdown, younger generations are still operating on the basis that high levels of debt are normal and the consequences of this have created a clear generational split."

Figures from the Insolvency Service show that there was a 17.9 per cent increase in individual insolvencies in the first quarter of 2010 compared to the same period in 2009.

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