More than 2million British holidaymakers are set to borrow more than £1,000 each to pay for their holiday and will spend up to seven months paying it back, research from an insolvency group has claimed.

Insolvency trade body R3 has claimed that Brits who are desperate to get some sun this summer will borrow substantial amounts in order to fund their annual getaway, borrowing on personal loans and credit cards despite the recent economic recession.

Holidaymakers in Scotland were found to be the most likely to borrow, with 12% of people surveyed north of the border saying they either had or intend to borrow money to cover the cost of a holiday this year.

People in London were not far behind at 10% while holidaymakers in the North West, the West Midlands and Yorkshire and Humberside are the least likely to borrow to cover the cost of their holiday at just 3%.

“That people are prepared to take on a substantial amount of debt for such a long period of time in order to afford a holiday is worrying, especially as these are still economically uncertain times,” said R3 vice-president Frances Coulson.

“Personal insolvency hit record levels in the first quarter of this year and looks set to rise - so we’re urging people not to spend more than they earn.”