Undisclosed Debt Problems Cause For Concern posted on 6 April 2011 | posted in General Category  | ( 0 ) Comments Debt Advisors at Integrity Financial Services Limited have warned today that personal debt remains a significant problem in the UK, and is set to grow and get much worse for many households. The insolvency practitioners trade body R3 have also suggested that there are 574,000 who are struggling financially but have contacted their creditors informally. More worrying is another group further down comprising of 961,000 individuals who are struggling with debts but have not sought help. This group could find themselves in formal insolvency procedures unless they take swift action. Research by Scottish Provident has found that the average person only considers themselves to be in serious financial difficulty once their debts exceed £15,837. This increases to £16,646 for 18-34 year olds, but is slightly lower for over-55s at £14,424. Darren Perks, Debt Advisor commented that "The personal debt problem in the UK is certainly larger than official statistics suggest and we realistically cannot go by official Insolvency figures that get released for each quarter of the year, as they are always behind with the current situation. One thing for sure is that we are seeing a significant increase in personal bankruptcy, as people realise that it is now a debt solution that is recommended and has lost it's stigma. Many people are being pushed into or sold debt solutions that do not meet their actual individual situation regarding their personal debts, and this is un-acceptable. People need to get professional advice tailored to them and not for the benefit of any company providing it" he said. "If people are struggling with their debts, the best advice is for them to contact experts like ourselves who will not judge but just offer help and advice, and a solution thats fits them best so in the end they decide. Trying to solve a debt problem by borrowing more or simply ignoring it and hoping it will go away on its own will normally make the problem far worse" he added. If you are struggling with debt then please contact us now on 01743 272900.   Share this blog entry: Recommend this blog entry to a friend You can follow other blog entries via the RSS feed. You can also leave your own response. Site administrator reserves the right to reject any replies that are deemed inappropriate.

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