Retired and in debt!! What can I do???

amro1982

Hello, I am 62 years old and I am retired. I get around £540 per month pension but I never get to see any of it.
I have 2 loans which work out at £300 per month that I have to pay I also have a credit card which the min payment is usually around £100 per month.

Is there any way I can get rid of these debts?? It is stressing me out and I am scared I will not be able to afford to stay in my home. After all bills etc are paid I only have about £50 per month for myself.

I would really appreciate any advise anyone has to offer.

Thankyou.

Tixy

Hi Amro

You should put your household bills and living costs like buying food etc before paying off your unsecured debts. It sounds like you don't have enough disposable income after reasonable living costs to pay these debts, so it might be the case that you have to offer reduced payments to your creditors (this will affect your credit rating but will mean you can afford to live).

How long do you have left on the loans? how much do you owe in total?

It might be a good idea to post up a statement of affairs so people can see your finances and see what suggestions to make with regards to your debts or you might want to contact one of the debt advice charities.
http://www.makesenseofcards.com/soacalc.html
IMPORTANT - Where to seek professional impartial advice about your debts.

king100

amro1982 wrote: »

Hello, I am 62 years old and I am retired. I get around £540 per month pension but I never get to see any of it.
I have 2 loans which work out at £300 per month that I have to pay I also have a credit card which the min payment is usually around £100 per month.

Is there any way I can get rid of these debts?? It is stressing me out and I am scared I will not be able to afford to stay in my home. After all bills etc are paid I only have about £50 per month for myself.

I would really appreciate any advise anyone has to offer.

Thankyou.

How old are these loans and CC that you have, when did you take them out?

Did you pay for PPI on the loans?

scarlet55

how much do you owe altogether...if its less than £15,000 it might be worthwhile considering a dro (debt relief order) ....you could take out a dmp but you will probably be paying it back for years...(.just my opinion)

dancingfairy

Are you entitled to any benefits etc? it might be worth a look into this?
Also you don't say but I guess you live alone? if so make sure you are getting single person discount for the council tax.
I would definitely contact one of the debt charities in the link Tixy has put up and go through your options with them - there are loads of solutions if you can't make your full payments any more - you just need to go through them and see which is best for you in your current situation.
Do you own your own home or is it rented? this will affect your options.
df

CH27

Post your SOA & people will happily advise you.

Have you applied for Council Tax Benefit?