Debts to friends and family worth £26bn

The overall amount of money owed by UK consumers to their friends and family members is now worth a collective total of around £26 billion, according to a recent study.

Data compiled by PayPal reveals that almost half of the UK’s population is owed money by people close to them and in around three million cases the situation has led to unresolved disputes.

Millions of people around the country are aiming to find a debt solution and a full 16 per cent of the population currently owes money to their own mother, PayPal’s latest research discovered.

Cristina Hoole, PayPal UK spokesperson, said: “Everyone will, I’m sure, have either borrowed or lent out money to friends and family, often on the spur of the moment, however as the study has shown these potentially small amounts of money can soon add up.

“On average we’re each owed almost £900 and with Christmas just round the corner perhaps we should be looking to call in some of those unpaid loans rather than relying on credit to see us through.”

Thousands of indebted Britons have entered an Individual Voluntary Arrangement (IVA) by way of a debt solution so far this year, according to official figures from the Insolvency Service.

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