Debt And The Over Fifties - what are the options?

Debt at any stage in life can be daunting. With so many orgainisations professing to provide debt advice just who can you trust. Licenced Insolvency Practitioners are the only people qualified and regulated in the provision of debt solutions.
 
Sept. 16, 2009 - PRLog -- DEBT IN LATER LIFE – THE WAY FORWARD

NancollasGreer, debt resolution experts and licenced Insolvency Practitioners, are increasingly finding that they are approached by people with debt problems who are approaching retirement or already retired. They are concerned that they have debts that they will not be able to deal with in any meaningful way once retired and so are looking to resolve their debt problems before retirement. Some are even considering putting off retirement for a couple of years just so that they can deal with their debts.

Whilst it is really sad that they see so many people in this position it is good that they are being realistic about their options and taking action prior to reaching retirement when their options become much more limited due to the usual sudden decrease in income.

NancollasGreer have calculated that about 16% of their clients are either retired or planning to retire within the next 2 years or so.

Sarah Nancollas of NancollasGreer commented ‘Judging from the people we are finding approach us for help it is the fact that pensioners are living on such low incomes that is driving them into debt. Many of them struggle and turn to borrowing and credit just to get by.’

‘Historically older people have been reluctant to get into debt but it seems many now feel they don’t have a choice. A typical problem we have witnessed is that they feel a certain degree of embarrassment and in some cases shame about their debts and have been reluctant to ask for help. Many of the older people that have approached us don’t want their families or friends to know about their debt problems. Even calling us has been a big step for many of them. The delay in seeking help can often exacerbate the problem’

‘Because of their low incomes we find that a lot of the debt that older people are running up is based around credit cards and loans. A lot of the over 60s we have spoken to could not survive on their pensions alone and if they can’t work to supplement their income they were using credit cards because they simply can’t make ends meet.’

‘A common problem with anyone in debt is that they will be robbing Peter to pay Paul. This is a particular problem with older people, especially those that are reluctant to ask for help. But, by constantly repaying debts with credit cards and loans they find themselves trapped in a vicious circle that is difficult to break out of and soon the repayments or the interest become unmanageable.’

“They need to be encouraged to seek help before they get trapped in a cycle of debt. At NancollasGreer we offer free and, importantly, confidential advice to anyone that calls and we would urge people to get in touch with us rather than let their debt get out of control. The sooner people seek advice generally, the greater the number of options open to them to deal with their debt problems in a realistic way’
NancollasGreer advise on ALL options for dealing with unsecured debt and urge anyone with debt problems to seek urgent professional advice from a Licenced Insolvency Practitioner before entering into any form of debt solutions. “It is vital that you understand all of the debt solutions open to you and the implications of each one. There are just too many unqualified debt advisers out there today who will only advise you on the option that suits them. Licenced Insolvency Practitioners are the only people who are both qualified and regulated to advise on debt issues” says Sarah Nancollas

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We are insolvency practitioners offering free debt advice on IVAs, CVAs, Bankruptcy, Liquidation, Debt Mangement Plans and Administration to individuals, sole traders, partnerships, limited companies, employed, self employed, home owners and tenants.
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Tags:Debt Help, Debt Advice, Iva, Individual Voluntary Arrangement, Bankruptcy, Debt Management Plan, Retired, Over 50 S
Industry:Debt advice
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