Brits ‘missing out on debt advice’

Thousands of British consumers are missing out on what could be worthwhile debt advice by keeping their financial difficulties to themselves, according to recent research.

Figures compiled by the Legal Services Commission show that only 18 per cent of consumers in the UK would turn to professional advisors if their money problems were giving them cause for concern.

And this proportion is matched by those who said they would ask their hairdresser, taxi driver or landlord for advice if debt management circumstance were proving difficult to deal with, the commission revealed.

“It’s worrying that people, especially those that are most vulnerable, are not getting the financial and legal advice that they may need,” said John Sirodcar, head of Community Legal Service Direct.

“While it’s natural for people to look to those they know to give them advice, well intentioned as it may be, this is clearly not always going to be the best advice.”

Meanwhile, research from Datamonitor suggested recently that more and more British adults will be refused credit over the coming months and years.