Debt fear of retirement homes

Retired people who live in private developments may find that they or their families may need to find debt solutions in order to pay for their accommodation and bills.

This comes after Age UK's Putting Retirement Housing in Order report found that there are more and more complaints about the supposed 'burden free' housing option.

Age UK found that the chances of needing debt help are increased by 'unfair' transfer fees of up to eight per cent, 'excessive' service charges which don't actually tell the residents what they're paying for, and rents which are much higher than comparable properties.

Age UK's Michelle Mitchell warns that many "vulnerable residents simply aren't able to battle big companies in the courts and just want to be treated fairly," which could see their debt levels mount.

Kevin Still, Director of Atlantic Financial Management says: "Dealing with debts arising from close family can be very traumatic, especially where parents assets are eroded to fund the costs of a care home or siblings fund the care costs to protect their inheritance."

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