One Million Britons Ignoring Expert Debt Advice

Fri, 30 Jul 2010

Nearly one million Brits are choosing not to seek professional help with their debt problems alone, according to new research.

The alarming finding comes from a survey by insolvency trade body R3, which found a number of reasons why people who are struggling financially are not getting support.

Of those surveyed, 44 per cent believed their debts were too small to require debt advice, a quarter thought their debt problems were only a short term problem, and a further 20 per cent said they wouldn’t know where to go to get debt help or advice.

Nearly half said they were also put off seeking expert debt advice because they thought it would cost money .

The survey did find that 62 per cent of people said they had opened up to their family and friends about their problems, although 14 per cent admitted to keeping quiet because they were worried about what others might think.

Furthermore, 19 per cent of those surveyed said that they avoided opening their bills because they were worried about the costs they had run up, while over three quarters (77 per cent) admitted to trying to avoid the companies they owed money to.

Despite 80 per cent saying they were aware of bankruptcy options, less than half of those polled knew about debt management plans such as Individual Voluntary Arrangements (IVA).
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