Lamport Bassitt Solicitors - Legal News - Brits urged to downsize property to stave off debt problems


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Brits urged to downsize property to stave off debt problems People are being urged to make use of residential property conveyancing services in order to pay down debt. Saga has advised that people can sell their house for a smaller property in order to avoid any personal insolvency risks later in life. It comes as Aviva's fifth Real Retirement Report reveals there is a growing issue of long-term debt among Britain's over-55s. The study found almost a quarter (23 per cent) do not expect to be free from debt until they are at least 75. Dr Ros Altmann, director-general at Saga, believes it makes sense to move to a smaller property to release capital if people are struggling financially when entering retirement. "An increasing number of people in their 50s also have debt which is obviously quite worrying because normally they would have been expected to pay things off while they are working," she said. Dr Altman explained that it can be very tricky to repay debt if people are no longer working. Posted by Gaby Hamerton Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net �450m a year in savings More Individual Legal Services News