The majority of consumers with debt problems are unsure where to turn for financial advice, a new study reveals.

According to research by the Legal Services Research Centre (LSRC), some 3.7 million consumers are experiencing serious financial difficulties.

However, the majority of respondents claim they do not know the location of any solicitors or debt advisory services.

The study also revealed that about 20 per cent of Britons would never ask for professional advice on debt management and would instead look to friends, relatives and creditors.

Head of the LSRC Pascoe Pleasence claimed that seeking advice can help those in debt adopt a better attitude towards personal loans.

Mr Pleasence told the Peterborough Evening Telegraph: "There was also evidence that advice improves people’s understanding of their personal finances and seemingly helps them to better target the most important debts, such as mortgage or rent arrears and court fines."

Yesterday the government rolled out its Financial Inclusion strategy which aims to provide better access to cheap personal loans and basic bank accounts for some of the most vulnerable people in Britain.

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