It has been revealed that 36% of pensioners who sold their homes to free up the equity in it did so to use the money to pay off debts that had built up which have included their mortgage and unsecured debts such as credit card and loan. However, there is another way to pay off debts that are unsecured without selling the home. You may want to look into debt management plans or seek iva help, as an IVA can be a way of paying off unsecured debts over a period of time if you have a substantial amount to repay.

If you take help and advice with a debt management specialist, you may be able to pay one lower monthly sum of money compared to paying out several sums to different creditors. Once you have reached the term of the IVA your debts will have been paid off.

Depending on how much you owe in unsecured debts a debt management plan be a better solution for your needs. Again, this allows you to pay one monthly sum of money, which is distributed among those you owe money to, and when the term of the plan has been reached you are debt free.