Worrying problem of elderly in debt

Written by Payplan Ryan on 18 November 2015

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When Judith (72) looks back on the amount of debt she was in she can’t pinpoint the exact reasons why she owed so much.

“It was nothing in particular, no splashing out on a car or anything like that,” she said. “I worked for Lloyds Bank for 30 years and when I retired I left with a decent lump sum.

“I then worked as a housekeeper for a couple but they got divorced and the ex-wife couldn’t afford to keep me on. My money just dwindled away on things like birthdays and Christmases, bills and day-to-day living expenses.

“I thought I was managing but I was just making the minimum payments. I would wake up in the middle of the night worrying about my situation.

“I was paying my creditors just over £600 a month but I was struggling so I managed to get them to accept a reduced payment of £300 a month. But the debts accumulated, especially with all the added interest, and when I reached my limit on the cards the banks and companies just raised it. I’d paid back about £16,000 but when I lost my housekeeping job and I knew it couldn’t go on.”

Judith had four credit cards and a bank loan. “Having worked in a bank I knew what I should be doing. I thought I was capable of managing the payments. I’m an honest person and I don’t like to be in debt. I would’ve loved to have been in a position where I could pay everyone off.”

A friend recommended PayPlan and so Judith gave them a call. “They were brilliant and they certainly lifted a weight off my shoulders. Everything has been easy and I’ve never had any adverse comments.” When she contacted PayPlan she owed £40,000 and she’s been with them for over five years. They set up her Debt Management Plan and she now pays £10 a month.

“I’m more aware now about how to deal with my money. I keep within my budget and I’m not in debt with anyone else. I’m a lot happier than before and life is a lot easier.”

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4 thoughts on “Worrying problem of elderly in debt”

  • Wilfred Boden

    March 14, 2016 at 12:12 am

    I am a Unison retired member and never thought of asking them to help me , but i got into debt primarily building a downstairs bathroom along with other adaptations , a new central heating system and an electric orthopaedic bed . Consequently my building society applied to the county court for a repossession order in December . may i take this opportunity to thank and to recommend Shelter , whose advice and representation were such a help in delaying the order while i found an o.a.p. bungalow to rent , and for their support throughout this very difficult time .

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    • Jane Clack

      March 15, 2016 at 6:13 pm

      I am so happy to think things ended well.

      Would you like me to forward this information to Unison There for You to see if they could help with any adaptations to the new property. They may not be able to but they are there for help and support.

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      • Wilfred Boden

        March 15, 2016 at 6:24 pm

        Ooh thank you . Any help would always be appreciated , though my new property is only rented so I am unsure if this will apply .

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        • Jane Clack

          March 23, 2016 at 11:57 am

          Have emailed them the details we have today. Good luck

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