Another growing trend is the amount of people at or close to retirement age who are part of this demographic. One way out of this particular problem is the effecting of an Equity Release plan. Money can be released from a property to pay off outstanding debt and avoid personal insolvency.
A recent report has highlighted a massive increase in the number of individuals declaring personal insolvency. In the first quarter of 2010 35,000 people entered some form of insolvency arrangement. This increase equates to a rise of nearly 18% over figures for the same period in 2009. There is unfortunately no sign that this is the height of the problem in the UK. Expert opinion would seem to suggest that there are more quarters of growth in this particular area.
In some instances the amount which is outstanding can be reduced by offering the company in question a final settlement figure. This is where a partnership between a professional Equity Release adviser and a debt counselling professional can alleviate a major problem for a consumer and reach the best possible resolution. Equity Release can be the way to avoid personal insolvency, it is a tool that should always be considered in this area when a person has debt problems and is older than 55.