Over 55s debt problem revealed

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OVER 55s in Doncaster contacting a debt charity for help owed an average of more than £24,000 each, newly released figures reveal.

The Consumer Credit Counselling Service said the debts had been run up on credit cards, loans and other unsecured debts.

The charity says the situation may lead to increasing numbers of retired homeowners using part of the value of their properties as a means of repaying what they owe – a process known as equity release.

Several hundred people over the age of 55 from the Doncaster area contacted CCCS for free debt advice in 2010, owing an average of £24,004 each in unsecured debt.

CCCS equity release manager Tom Moloney said: “Equity release can be a good solution for some retirees looking to deal with problem debts, but it should only be considered as part of a long- term retirement plan.

“I would urge anyone in the Doncaster area who is in this situation to seek free advice from a debt charity such as CCCS, who will be able to explain all the available options and give the best advice tailored to circumstances.”

CCCS provides the UK’s only free equity release advice service.

The service is backed up by the charity’s comprehensive debt counselling to e