The number of people facing County Court Judgments (CCJs)due to the extent of their debt management woes has been rising significantly across the UK in recent months.
Certain areas of the country have been particularly hard hit in this respect and Shoreditch has seen a 154 per cent rise in the number of CCJs over the course of the past 12 months.
Many parts of England and Wales have also seen notable increases in the scale of court actions resulting from creditors being left unable to regain money they are owed.
Reflecting on the latest figures from the register of CCJs, credit reference firm Callcredit aimed to highlight the importance of seeking out appropriate debt advice for anyone in financial trouble.
“If circumstances are becoming unmanageable, borrowers should contact their lender or an organisation such as the Consumer Credit Counselling Service (CCCS) to obtain independent advice on the best way forward,” said Owen Roberts from Callcredit.
Earlier this week, the CCCS urged mortgage lenders to consider repossession claims as an option of last resort.