Question

Dear Jon,

I am a pensioner age 83 and owe about £9,000 in debt to various credit cards, and a catalogue. I only receive my pension and some help from the state and just cannot afford to pay these debts and live at the same time. I was wondering if you had any advice.

Regards,

Rita

Answer

Rita,

A few questions to help me provide any advice I can.

Sorry for all the questions, but it does help me in advising you.

Speaking to your creditors is your first step. Advising them of your struggling and see what options they may have.

You may be able to enter into a Token Payment Plan, where you pay as little as £1 a month towards the accounts.

A solution to be rid of the accounts may be a Debt Relief Order, but if you own property, you will not qualify for this. Also if you own property you need to insure no creditors can go after this, that is why a Token Payment arrangement or a Debt Management Plan may be a solution.

Get back to me with the answers to my questions, and I will look more into this for you.

Regards,

Jon

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