Category Archives: Equity release

Equity release: Can the family play a part in the process?

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Elderly lady window

Looking towards a debt free future

The number of clients using equity release to repay debt, or to repay debt on behalf of someone else, is increasing. Over 40% of all equity release transactions now include some aspect of debt consolidation. Given this upswing, should children or beneficiaries be involved in the process?

Debt can build up for many reasons; loss of a partner, redundancy, health issues or through having to support other family members financially.

And alongside this, unfortunately pension income does not stretch as far as it once did. People still want to keep up appearances though, and not let anyone know what a struggle life is financially.

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Equity release: Making the most of a debt-free retirement

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couple walk down the path

Retirement shouldn’t bring debt problems

Many of us hope that once we reach retirement we will have put enough money to one side to enjoy a relaxing, stress free life. As we highlighted yesterday, even after a lifetime of hard work and prudent spending, retirees can find it difficult to make ends meet, often through no fault of their own.

After investing their hard earned money into pension schemes and annuities, retirees would have expected to see a healthy rate of return from these investments. However, stock market fluctuations and devaluations have wiped billions of pounds from pension fund values and ultimately reduced their returns.

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The debt generation are getting older

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Mature couple and debt

Are you counting the pennies to get by?

Independent research published by StepChange Debt Charity today has found that middle aged and elderly people will be increasingly affected by personal debt over the next few years.

The research is contained within a report entitled StepChange Debt Charity Consumer Debt and Money Report Q4 2011 (PDF). It predicts that our share of clients aged 45+ will rise from an historic 28.0% in January 2005 to a projected 47.6% by December 2014. Those over the age of 45 will be the largest age group seeking debt help from us by that time.

If you find yourself in this situation, what can you do?

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Are adult children the cause of their parents’ debt problems?

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Elderly couple seaside

The bank of grandma and grandad

We’re all painfully aware that banks are under pressure to lend more money and the ‘Bank of Mum and Dad’ is no exception.  The oldest and most trusted of British lending institutions still has its doors open for business and business is boomemting.

As the credit crunch continues to bite an increasing number of adult children are turning to their parents for financial support. However we’re concerned that this may be causing debt problems for their parents as they themselves borrow to facilitate the request for help.

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