More pensioners going bankrupt

[Legal Beagles]

The proportion of pensioners going bankrupt has more than doubled in five years, accountants suggests.

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[Legal Beagles]

More pensioners going bankrupt

The proportion of pensioners going bankrupt has more than doubled in five years, accountants suggests.

Click here to read more...

Keith Stevens, insolvency partner at Wilkins Kennedy, said: "More and more pensioners are going bankrupt as they struggle to repay debts when their pension is their sole source of income.
"Although attitudes towards bankruptcy have changed dramatically since the days of debtors' prisons the older generation still feel the stigma of bankruptcy and are reluctant to ask for help until it's too late."
Senior citizens could be missing out on money to which they are entitled because of the complexity of the government's pension credits system, researchers added.

[pam1]

Re: More pensioners going bankrupt

Hi LB
I think the example of how they sold my mum a loan is a sure sign this is going to continue, pensioners can not afford the debts the banks are allowing them to build up. mum did not know she could get benefits and believed she was financially secure as the bank continued to lend her money.

http://www.legalbeagles.info/forums/...8005#post28005

[biscuits]

Re: More pensioners going bankrupt

To be honest i've never heard of a pensioner being made bankrupt and i work with them!
So although figures may have gone up it is still quite rare

If they do go bankrupt its probably down to the fact they have family members sponging off them and are either too soft or too scared to say no!

[pam1]

Re: More pensioners going bankrupt

If they do go bankrupt its probably down to the fact they have family members sponging off them and are either too soft or too scared to say no!

A good example of the younger generation ...which holds very little respect for their elders or their welfare.

[Paradox]

Re: More pensioners going bankrupt

Nice Generalisation. I'm 25 and have never taken a penny off anyone and I do respect my elders, for the most part (i.e. when they deserve it ).

Don't tar everyone with the same brush

[biscuits]

Re: More pensioners going bankrupt

Hi Paradox, hun i'm not generalising at all, todays youngsters are no worse than todays middle-aged etc.
All i'm saying is the reason pensioners get into trouble is they are not all in full charge of their faculties sometimes and CAN be bullied or pressured into parting with their cash and other valuable assets.
I'm sure you are a paragon of virtue and may i say an upstanding citizen