More pensioners become insolvent

Insolvency expert Neil Marshman from Wellingborough firm MarshmanPrice says that the rapid increase in bankruptcy numbers is rolling through into the number of pensioners who have become insolvent. In the year to June 2007 over 113,000 people became formally insolvent – compared to only 30,500 five years ago – of these some 8,000 were retired – this equates to about 7% of the total – back in 2002 the percentage of elderly insolvents was only about 3%.

Neil Marshman says that this reflects the very real difficulties people have in meeting their bills, including Council tax when they have to rely solely on their pension incomes – Mr Marshman expects this trend to continue as the baby boomers start to retire in coming years.

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