Unsecured loan debtors to seek advice

Monday, January 9, 2006

The number of people looking for help due to debt problems arising from lending methods such as a personal loan is due to be around 13 per cent this year, according to the latest research.

Information from One Advice, the finance company, revealed that almost one in eight people will find the amount of personal loan, credit card or unsecured loan debt they have amassed too much to handle alone.

"There are a disturbing number of people with unsecured debts, which they are finding difficult to manage," said Chris Holmes, chief executive of One Advice.

"Given this, it is not surprising that so many people are looking for professional help, and the start of the new year is a good time to start trying to sort out any money problems you have."

With 18 per cent, London has the highest proportion of people looking to get advice and help regarding their unsecured loan and other debt, whereas in Scotland, Anglia and Northern Ireland, only eight per cent felt this way.

One Advice also reports that an estimated 203,000 are considering declaring themselves bankrupt, a trend that hit record numbers in the first few months of last year.

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