Debt in over 60s delays retirement

Atlantic Financial Management, the debt solutions expert has revealed that the average level of secured debt owed by Clients where one or both of the people are over 60 and on a debt management plan is £26,000.

Atlantic is urging those approaching retirement to take control of their finances or they could face a lifetime of work to pay back their debts.

Kevin Still, Director, Atlantic Financial Management says:

“The outlook appears bleak for those approaching the retirement age.  As the cost of living and life expectancy goes up pensioners will have to make do with less for longer.

“We are really concerned to see more and more people struggling to prepare properly for their retirement and needing to delay the end of their working life due to credit card debt or unpaid mortgages.

"Credit card debts are placing more strain on finances during at a time when they should be reaping the rewards after a lifetime of work.  Unfortunately our figures suggest that some older workers will need to stay in their jobs for longer or they will face immense difficulties managing their financial commitments.

“With benefit cuts and increasing day to day living costs – from food to fuel and utilities - it is vital now more than ever for those approaching retirement to monitor expenditure and gain some control over their debts.”

Atlantic offers a full range of debt solutions, including Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs) and Bankruptcy Assistance. For those clients that elect a DMP as the most appropriate debt solution there is a fast-track service which will help an individual start to tackle their debts within a matter of days.

For just £69.50, the expert Atlantic team will review an individual’s current financial commitments and income and make recommendations of the best debt solution for their circumstances. This includes dealing immediately with any court actions on the individual’s behalf as well as starting negotiations with creditors to freeze interest and charges.

Kevin Still concluded:

“Our approach is to conduct a thorough review of a client’s income and expenditure to ensure that all debts are taken into account and a fair assessment of their living expenses is determined so that they can continue to maintain a reasonable quality of living.

Income optimisation to determine a client is claiming all their entitlements is very important for an older age group, as is looking at reducing expenditure, like energy bills and bank charges.”