Concern about debt problems among London's over 55s

A leading debt charity is concerned about debt problems among those over the age of 55 in London. Consumer Credit Counselling Service (CCCS) says that a higher than average proportion of the people in London who are going insolvent are over the age of 55. CCCS points to Insolvency Service figures which show that 17.4 percent of those who went bankrupt in London last year were over 55 compared to only 15.1 percent nationally.

CCCS says that this is part of a bigger trend which has seen an increase in the number of people over the age of 60 coming to the charity for help with their debts. These clients tend to have higher debt levels and regularly experience income fluctuations due to changes in circumstance, illness or retirement.

To address this problem, the charity has recently launched a subsidiary company, CCCS Equity Release, to provide free equity release advice to people with debt problems.

Tom Moloney, manager at CCCS Equity Release, says: "Debt problems are very stressful at any age but particularly hard to deal with at a time of your life when you would have expected to me more settled financially.

"I would urge anyone in London who is worried about their debts to seek help from a debt charity as soon as possible because the earlier you seek help the more can be done to help you."

You can call the CCCS free-phone helpline on 0800 138 1111, 8am to 8pm, Monday to
Friday. CCCS operates CCCS Debt Remedy, a free online counselling service available anytime at:
www.cccs.co.uk
A referral to the free CCCS Equity Release advice service is available through both.