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LATEST NEWS & EVENTS Record numbers face financial distress, says R3  An increasing number of people could be seeking an insolvency lawyer after it was claimed that financial distress is spreading. R3, the Association of Business Recovery Professionals, is warning that eight million people will go into their overdraft this month, with a quarter of those unauthorised. Research also shows that six million people are behind with some of their bills and payments - a jump of two million in just three months. R3 president Frances Coulson said the figures are "worrying" and warned of people's debts "snowballing". "It is clear that many have found themselves in a position whereby they have to go into and often exceed their agreed overdraft in order to keep on top of their bills and debt repayments," she added. R3 also warned that five million people worry about being made redundant, as the economic situation remains uneasy. One in three people in the UK say their personal debt has risen in the last year, according to recent research from moneysupermarket.com. Rick Munro, head of insolvency and business recovery at Lamport Bassitt, said: "It is important that those affected realise that there are many others in the same position, that it is not something to be ashamed about and that the earlier professional advice is taken the more goodwill there is among creditors to come up with a solutoion." Posted by Paul Stevens 
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