Almost one million struggle without seeking debt help
According to insolvency trade body R3 (the Association of British Recovery Professionals), the recent insolvency statistics revealing record personal insolvencies are `just the tip of the debt iceberg`, as nearly one million people struggle without seeking debt help.
President of R3, Peter Sargent, said: “Even these record personal insolvencies are just the tip of a very worrying personal debt iceberg. What lies below the waterline is a much larger group who are sadly not facing up to their debt problems.”
Research by R3 reveals that a further half a million (574,000) people have `contacted their creditors informally for help after struggling with their debts`.
In total, it is thought that the number of people struggling with their debts is around seven times the number of people in `formal insolvency`.
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