Over 7 million people in the UK avoid seeking debt help
December 23, 2013
The New Year is a traditional time for people to consider a new start and attempt to get their finances in order. To do this, people struggling with debt will often require professional advice and assistance.
However, according to a new report, although there are 8.8 million people in the UK struggling with debt problems, only 1.5 million choose to seek help or advice.
A study from the Money Advice Service (MAS) revealed that 48% of respondents were unable to afford basic items due to debt related issues. For families, which make up 65% of the 8.8 million debtors, this number increased to 54%.
According to the report, only 17% asked for help or advice on debt issues and 40% of respondents avoided asking for help because they did not feel comfortable enough to speak to their creditors about their debt.
MAS chief executive, Gillian Guy, said: “This study presents us with a fundamental challenge: the majority of people with debt difficulties do not seek advice.”
In Scotland, Glasgow and Inverclyde revealed the largest number of people in debt (29% and 30% respectively), although these figures were low in comparison with the rest of the UK. Hull reported 43.1% of people struggling with debt, closely followed by Nottingham and Manchester where over 41% of people had debt problems.
Keith Dryburgh, policy manager at Citizens Advice Scotland, said: “It’s very worrying to see so many families struggling like this, but sadly it comes as no surprise to anyone in the Citizens Advice service. Debt is one of the most common issues we see. Over 1 in 4 cases we deal with now is related to debt. This means that every working day in Scotland, Citizens Advice sees 60 people with a debt problem.”
If your New Year’s resolution is to fix your finances, why not call Scotland Debt Solutions today? Our knowledgeable advisers are experts in debt solutions and will discuss the best course of action based on your individual situation. Contact Scotland Debt Solutions today and give your finances a fresh start for 2014.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]