Debt advice for Pensioners

Ways to ease the burden of debt in retirement

The UK Insolvency Debt Advice Service is seeing increasing numbers of over-60s coming to us with mortgage and unsecured debts that they are struggling to manage and looking for a way to ease the burden of debt in retirement.

Pensioners can benefit from professional debt advice. The debt advice service is open to the public and several OAP and pensioner groups to reduce the million pensioners in debt in the UK.

A quarter of all UK pensioners still have outstanding debt to pay on their mortgage, according to ongoing research from The UK Insolvency Debt Advice Service.

A far cry from enjoying a comfortable retirement, many over-60s find themselves still struggling to pay off debt while trying to cope with inflation.

Ongoing studies are showing that more and more pensioners are finding that the average mortgage debt among those aged 60 to 64 is increasing for people over the age of 70.

The findings showed that the average cost to a pensioner of servicing an outstanding mortgage was £215, leaving the most vulnerable with just £42 a month to live on.

Studies also show that half of all UK consumers saved less than two months wages each year, with one in three people admitting to saving nothing. These findings demonstrate the very difficult situation a sizeable number of pensioners find themselves in, trying to cope with debt repayments as well as rising living costs.

Lenders are targeting pensioners to get them into debt.

There are many 'unscrupulous' lenders and credit companies are actually targeting pensioners into taking on debts they cannot afford.

• Pensioners are being targeted by mail shots offering bogus prize draws and other scams which dupe them into sending money to win prizes which don't exist.

Pensioner can call debt advice service if they are embarrassed by their financial problems. Older people don't tell their families because they don't want to be a burden. Pensioners are scared of leaving massive debts for their loved ones to pay off but simply have no means to repay the money they have borrowed.

Money Advice Direct Links for pensioners in debt:-

• Debt Management Plans for Pensioners may be useful as IVAs are often rejected for older people.
  Bankruptcy may be a strong option for pensioners in debt.

Please call the following number for confidential and non-judgemental advice for pensioners call 0800 074 6918. We have team of money, debt and credit advisers ready to provide advice on responsibility for debts advice for pensioners.

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