Insolvency trade body R3 has claimed that as many as 67,000, or 7% of those struggling with debts say they have already contacted a loan shark or doorstep lender, while a further 13% have considered doing so.
R3 says it has identified a group of 961,000 individuals who describe themselves as ‘struggling with debt but have not sought help’.
R3’s President Steven Law, said: “Going to this source for financial resolution will simply build up a larger store of debt and create more pressure and stress. We must highlight the importance of obtaining professional advice over panic measures that will worsen the problem.