Nearly 70,000 `take on debt from loan sharks or doorstep lenders`

As many as 67,000 struggling borrowers - 7% of struggling borrowers in the UK - say they have contacted a `loan shark` or doorstep lender, according to research from insolvency trade body R3.

A further 13% have considered going to such lenders, the report adds.

R3 has identified a group of 961,000 individuals who describe themselves as `struggling with debt, but have not sought help`.

An expert at debt management company Gregory Pennington said: "There`s a big difference between doorstep lenders and loan sharks - loan sharks should be avoided at all costs.

"When it comes to doorstep lending, it`s a different story. This is an expensive form of credit, but many people have no access to other ways of borrowing. If it`s a one-off, short-term loan and the borrower is sure they can repay it on time, this may be the best option that`s open to them.

"However, anyone thinking about borrowing money in this way needs to consider why they`re in a position where it`s their only option. They should sit down, look at their finances, and consider contacting an expert debt adviser to discuss ways of tackling their problems."

---

Gregory Pennington offer debt advice and debt management plans, as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.