Over 60s ‘unaware’ of credit scheme

Many older people may be unaware they can claim pension credits, it has been suggested.

According to Helen Wanless, senior press officer for Age Concern, about a third of those over the age of 60 do not know they are eligible for the scheme, which could help them with debt management and making repayments on personal loans and other forms of borrowing with greater ease.

She claimed that "many of them don’t know they’re entitled to claim", suggesting that others feel that the credit system is too complex.

"They’d rather make do and have a bit less than have to go through the process and have to explain all their financial details to someone else."

Ms Wanless added that the government needs to do more to raise the awareness of the product.

According to the Commons public accounts committee about 1.6 million of those aged 60 or above could be missing out on up to £2.1 billion which is waiting to be claimed.

Meanwhile, a Thomas Charles survey has revealed Britons are developing greater difficulties in making personal loan repayments as they get older.

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