monthly debt payments are more that my income

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j.s

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Post by j.s » Sun Mar 11, 2007 1:52 pm
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I have just reached the age of 62 and am in a position where my monthly debt payments are more that my total monthly income. My outstanding debts in terms of credit card/loans and overdraft amount to £64,000. I own my property outright, which is worth around £150,000. On retirement I will receive a private pension 40/60 of my final income. That together with the state pension I have calculated could cover a commercial loan for the outstanding balance over a 10 year period, but I am having difficulty in finding an appropriate loan company that allows for repayments beyong the age of 65. Can you help?
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steve532

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Post by steve532 » Sun Mar 11, 2007 1:59 pm
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Hi.
Welcome to the site. Im sure you wouldnt qualify for an IVA as if I am correct there is £150k equity in your property and thus not insolvent. Im sure one of the experts will give you better information. But i think some sort of equity release plan would be your best option.
Be lucky

steve
steve
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neverending

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Post by neverending » Sun Mar 11, 2007 4:28 pm
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Hi
I can fully agree with Steve in that an IVA is not an option for you.
The options open to you are centered around your house,either an equity release plan,remortgage or secured loan.
Maybe Welsh boy,who posts on this site can give you further advice.
Regards
Andy Davie
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