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09/10/2012

Wonga to sponsor Newcastle Football Club

 

Lee Manning, R3 President, comments:

 

“According to official figures, the North East has the highest personal insolvency rate of anywhere in the country, at 35.2 per 10,000 adults. This is compared to a rate of 29.6 in the neighbouring North West and 17.5 in London.

“Wonga has chosen to target a region that has comparatively high numbers of people experiencing financial difficulty. Our experience tells us that many of those seeking high cost credit need professional advice for their financial problems, rather than accruing further debt.

“R3 research has found that some 4 million people say they are likely to take a payday loan in the near future. This comes at a time when 71% of individuals in the North East think there should be stricter regulation of advertising of payday loans.

“We also found that over a quarter (26%) of people in the North East say they often struggle to make it to payday, compared to around a fifth (21%) nationally. There are a whole range of solutions available to people who are having difficulty with their personal finances so we would urge those individuals to seek advice from a regulated professional, or a charity, and not compound their problems by taking on more credit.”

-Ends-


For further information please contact:

Will Black, R3 Communications Manager
t: 020 7566 4215 m: 07917 422 485 e: will.black@r3.org.uk

Antoinette Huka, R3 Communications Officer
t: 020 7566 4217 m: 07825 679 462 e: antoinette.huka@r3.org.uk

Notes to editors:
? R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners.
? R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by one of nine recognised professional bodies.
? R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals


 


R3 Press Office

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.