Debts ‘out of control for 1 in 5 Brits’

Research by the Association of Business Recovery Professionals (R3) also found that, despite the increasing prevalence of debt management problems across the UK, only eight per cent of those polled found it difficult to access credit.

Moreover, a full 62 per cent of those people whose borrowing has put them in serious financial difficulty said they had never sought out debt advice from professionals.

R3 president Patricia Godfrey commented: “We are very concerned that so few people seem to be taking professional advice when facing financial crisis.”

“I would urge anyone with debt problems to seek help and to do so as soon as they become aware of the problems,” she added.

Accountancy firm KPMG anticipates that more than 130,000 people in the UK will enter an Individual Voluntary Arrangement over the course of this year.