A huge proportion of Britons are avoiding IVA’s - and putting them in risk of debt - because they are afraid to come to terms with their personal financial situation, new research suggests.

According to a survey conducted by JJNM Bank, approximately 11% of people are afraid to discuss their money issues, and prefer to ignore any monetary problems they might have.

The research found that almost two million people are refusing to deal with their money issues because of this co-called "Money Fear", meaning they may face severe financial difficulty in the future.

Kevin Barrett, head of channels at the lender, said: "Our research indicates that nearly two million people refuse to discuss their money issues with their partners because they're worried about how they'll react.

"We also found that 11 per cent of the population claim that at some stage, they have left their bank account and credit card statements unopened. Money Fear is clearly a very real issue.

"Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don't keep an eye on things. Take control of your money issues right now, its good advice!  Look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to."

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