Saturday 12th of March 2011
People in the UK determined to be free from arrears before they end their working life may wish to start asking IVA questions to see if the method is suitable for them.
Dr Ros Altman, director general of Saga, said it is clear that an increasing number of individuals are entering retirement still weighed down with debts, while more over-50s also owe more than they can afford to pay back.
The expert observed this is a worrying trend as most of these people would have expected to settle their arrears while they were still employed.
She explained: "It's hard to see how they are going to be able to afford to repay debt while they are no longer working."
Her comments come after Aviva's latest Real Retirement Report highlighted long-term debt is a pressing issue among Britain's over-55s, with almost a quarter predicting that they will not be free from arrears until they are at least 75.
By Chris King
