Men are typically in more debt than women when they eventually seek help with their finances, a new report has suggested.

Chiltern discovered that men usually have 20 per cent more debt than women when they look to sort out their finances.

What's more, men are able to pay back less per month as a percentage of their contractual debt repayments.

This means it typically takes men 22 months longer than women to become debt free after opting for an informal debt management programme.

"The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in," commented Chiltern's Joanne Gill.

"They have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food."

Figures from the Insolvency Service show that 10,698 people sought IVAs in the second quarter of the year.

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