Lamport Bassitt Solicitors - Legal News - Consumers 'at risk of snowballing debts'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Consumers 'at risk of snowballing debts' Some consumers are at risk of allowing their debts to snowball, it has been claimed. According to insolvency trade body R3, 44 per cent of those who admit to struggling with the amount of money they owe have not sought help because they do not believe the problem is big enough to require this. In addition, nine per cent did not want to go in search of assistance because they feared this may lead to bankruptcy. According to president of the organisation Steven Law, this is a mistaken fear. He claimed that professional advice does not mean immediate bankruptcy and could simply result in advice on budgeting being given. Mr Law added: "While it may be the case that these problems are resolved without help, there is a risk that they might snowball out of control." Recently, R3 revealed that 36 per cent of 18 to 24-year-olds with debt have not contacted anyone for help. Posted by Helen Causer Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News