Wednesday 7th of July 2010
Individual voluntary arrangements (IVAs) may be considered by those concerned about the possibility of not having enough money to fund their retirement.
Age UK has published a report, Housing and Finance in Later Life, based on research conducted for the charity by the University of Birmingham.
It showed many over-65s are struggling to get by on low or modest incomes and in many cases equity release is being used as a means to pay off debts.
"The ageing of our society is a triumph of modern life yet brings with it some real challenges," said Age UK charity director Michelle Mitchell.
Those who are worried about taking their debts into retirement and struggling to repay what they owe could benefit from seeking IVA information.
If you owe more than £15,000, you may be able to clear your borrowing through around five years of hard work - which could allow you to start with a clean slate by the time you reach retirement age.
By Neil Burton
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- Equity release 'needs to be increased'
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