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Older people 'facing bankruptcy'
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PostPosted: Thu Jan 06, 2011 12:43 pm 

Joined: Tue Mar 02, 2010 10:20 pm
Posts: 115
A rising number of older people are finding themselves in financial difficulty and the rate is increasing at a much faster speed than any other age group, new figures show.

Unfortunately, the last decade has seen a six-fold increase in the number of people aged over 65 going bankrupt. Women are particularly vulnerable to the issue, with 10 times more females over 65 declared bankrupt in 2009 compared with 2000, according to the Insolvency Service.

While the overall number of over 65s going bankrupt remains comparatively low, older people are catching up to their younger counterparts, as the rate at which they are failing to keep up with their debts is rising 50% quicker than any other age group.

The survey found that men account for 60% of all personal insolvency cases, while the average age of someone going bankrupt is 41. Women, however, are closing the gap with the number of females going bankrupt rising from 29% in 2000 to 40% in 2009.

Overall, levels of personal insolvency are beginning to decline after increasing since 2000 and hitting a record high in 2009, although they still remain at elevated levels.

People experiencing problems shoud seek advice from a free advice agency such as National Debtline.'


Re: Older people 'facing bankruptcy'
PostPosted: Fri Jan 07, 2011 11:04 am 
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Joined: Wed Jan 13, 2010 2:59 pm
Posts: 464
Location: Swinton, South Yorkshire
Did this come coincidentally from AgeUK?


Re: Older people 'facing bankruptcy'
PostPosted: Tue Aug 23, 2011 5:42 am 

Joined: Tue Aug 23, 2011 5:25 am
Posts: 1
According to a study released by Wilkins Kennedy, the level of retired people claiming bankruptcy has more than doubled over the past five years as they become unable to pay off loans, credit cards and other demands on their finances. This year, those who are in retirement are to account for seven per cent of all bankruptcies - an increase from the three per cent recorded five years ago. Overall, some 7,900 pensioners have filed for insolvency during the last 12 months. However, in 2002 this figure stood at 900.


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