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Loan charges: Pensioners facing debts

Studies have shown that many people who have retired are facing huge loan debts.

Mortgage provider Key Retirement Solutions said that many of their clients were facing unsecured loans that were at least six figures. Lots also had huge mortgages as they had not managed to pay off their debts before leaving work.

Some need to pay large lump sums in order to pay off interest-only mortgages as they are unable to gain new mortgage loans due to their age.

The Financial Services Authority (FSA) had been examining whether interest-only mortgages were being mis-sold as the time where these mortgages need to be repaid is fast approaching.

In January the Times reported that the FSA was looking at whether it needed to take action in case people were largely unable to repay mortgage loans.

The FSA also recently had to look into the mis-selling of interest swap rates from banks and ruled that this was true in 90 per cent of the cases studied.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801537765-ADNFCR

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