Ian Hudson, principal of Hudson Green and Associates, tells how two retired clients of his are at their wits end with debts of £123k and no expendable income...
"A couple in their mid 60s without any spare money at all came to me last week for advice. The pair have worked all their lives and are now claiming pensions. They have no expendable income because they have car and household loans as well as a mortgage on the family home - this amounts to a debt of £123k in total. They do have several endowments but these are worth just £76k. The wife works as a cleaner for a few hours a week, bringing several hundred pounds into the household. The pair are living on this money as their pensions - which bring in approximately £2,000 a month - are...
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