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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.

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Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with