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NewswireTODAY - /newswire/ -
Salford Quays, Manchester, United Kingdom, 2007/10/20 - With today’s inflated property prices, many people are waiting until later in life to buy property, then taking out longer-term mortgages.
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As a result, they may reach the end of their working life before they reach the end of their mortgage – their income may shrink as they retire, but their debts do not. In the past 12 months, 7,900 pensioners have gone bankrupt. Just five years ago, the figure was 900.
“Today, many pensioners are facing financial problems you might not expect,” says a spokesperson for Gregory Pennington Debt Management Services. “Around 20% are still paying off their mortgage, and almost 700,000 have children who are not financially independent. At the same time, the rising cost of food and fuel is placing further strain on their finances.”
“Obviously, coping with these extra expenses is difficult on a reduced income, so the importance of addressing unsecured debts before retirement is clearer than ever. This is precisely what our clients achieve when they join our Debt Management Programme. We look at their income and expenditure to calculate how much they need for their living expenses and how much they can afford to pay creditors each month.”
According to Gregory Pennington, the Debt Management Programme owes much of its success to their strong working relationships with the major creditors: “We can often negotiate a freeze on interest and charges, which means our clients can settle their debts much sooner, rather than struggling against debts which can actually increase as they get older.”
“Plus, as part of Think Money, Gregory Pennington Debt Management Services can always put our customers in touch with other experts who specialise in different kinds of financial solutions, from IVAs and Trust Deeds to debt consolidation, loans and re-mortgages. Whatever their situation, we can help them put their debts behind them and look forward to a financially secure future.”
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melanie.taylor[.]gregorypennington.com 
