Home > News > Debt advice

Energy firms `not refunding overpayments automatically` Average household £7 a week richer but debt levels remain high Consumers `cutting back on credit card debt` Mortgage debt often greater than house value Household energy bills `could top £4,700 a year by 2020` Many over 50s `facing financial difficulties` CML lowers repossession prediction Higher electricity prices will pay for carbon capture Unemployment set to rise Inflation speculation `greatly exaggerated` Unemployment reaches 12-year high UK recovery `to start in 2010` People `may be risking finances due to lack of pension savings` Economy `may be bottoming out` Fuel poverty still putting billpayers at risk of debt More than 20% using savings to `pay down` debt Housing market - buyer interest is up ISA rate cuts could raise debt risk Online retail sales to grow Consumers take up gardening to avoid debt

Equity release ` feasible option for struggling pensioners`

29/09/2008

Equity release should be seen as a feasible option by pensioners struggling in the light of current economic conditions, an expert has said.

David Black, principal consultant of banking at Defaqto, made his comments in response to a guide issued by consumer watchdog Which? that advised consumers to see such a move as a last resort.

According to Which?`s report, equity release schemes can be expensive and inflexible and can leave people without enough money left to fund alternative accommodation if their circumstances change.

However, Mr Black stated: "In an age of financial shocks, inadequate pension provision, low annuity rates and burgeoning levels of personal debt it seems somewhat hasty to arbitrarily downgrade one of the possible solutions."

He went on to say that while equity release is not suitable for everyone, it is an "appropriate solution" for many consumers, adding that it should be considered alongside other options as a possible source of retirement income.

---

Debt solutions experts Debt Advisers Direct (www.debtadvisersdirect.co.uk ) provide debt consolidation loans, debt management and IVAs.

Energy firms `not refunding overpayments automatically` 01/07/2009 - A new report by consumer group Which? has claimed that Average household £7 a week richer but debt levels remain high 01/07/2009 - During May, a typical household had £164 a week left Consumers `cutting back on credit card debt` 01/07/2009 - Many UK consumers are cutting back on the amount of Mortgage debt often greater than house value 01/07/2009 - According to the latest findings from global rating agency Fitch,