R3 – The Association of Business Recovery Professions, the trade association which represents 97% of Insolvency Practitioners in the UK, welcomes today’s announcement by John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform, that funding of £3 million has been set aside to allow a nation-wide crackdown on loan sharks.

R3’s quarterly debt index, carried out in collaboration with market research specialists YouGov, shows that only 38% of those whose debt is causing them great difficulties have sought professional advice. 12% of those with serious financial worries have taken out extra loans, and in many cases this means resorting to loan sharks.

R3 Vice President Nick O’Reilly said,

“Loan sharks take advantage of those who are at their most vulnerable. In most cases, when an individual approaches a loan shark, they see it as their only way out of trouble, but unfortunately dealing with loans sharks can only lead to more problems. The advice from the professionals is to consult an expert as soon as you see problems arising. They can advise on the best course of action, without resorting to Illegal loans sharks. You can find a qualified IP in your area by visiting the R3 website www.r3.org.uk

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