R3 – The Association of Business Recovery Professionals, welcomes the research published by the Government today examining the effectiveness of debt advice.

Patricia Godfrey, president of R3, said: "This report underlines what R3 has been saying about getting professional advice early. It shows that levels of debt fall significantly following specialist intervention and that it becomes easier to pay back debts owed. "

Despite the positive evidence of getting professional help that is highlighted by this report, R3 remains concerned that the message isn’t yet getting to enough people. In a recent survey on indebtedness, R3 asked those whose debt was causing them difficulties of was out of control how many of them were getting professional advice. Nearly two thirds of those surveyed were getting no advice at all. They were managing their debt by:

* selling personal items (28%)
* consolidating loans (19%)
* taking out an (additional) credit card (12%)
* taking out an (additional) loan (12%).

Patricia Godfrey added, “R3 members deal with people struggling with debt and see the misery this causes the debtor and their families. Early professional guidance can prevent many of these problems, and allow debtors to manage their debts more effectively, with less of an overwhelming effect on their life and well being.”

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