Debt management needs to rise among retired expats

22/10/2009

The average monthly pension for British expats on state schemes has dropped by more than 270 euros since January 2007.

That's according to a new study which reveals that as a result of the recession on the exchange rate, British retirees living abroad could have potentially lost a cumulative 5.5 billion euros over the past two years.

With the general effects of the economic downturn not escaping those who live abroad, the loss in value of the British pound could result in an increased number of expats seeking debt management advice.

Kevin Still, Director of debt management company EuroDebt says "we have a number of expats on Debt Management Plan'>Debt Management Plans, where they still have financial commitments in the UK despite living abroad.

Average levels of debt for the over sixties are very high, at a time where income may be limited to one or more pension scheme and proceeds from a UK property sale".

He goes on to say that "Exchange rates problems will hit people hard. We now have debt advisors in places like Spain where there’s a large number of semi-retired Brits living abroad".

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