55up Financial Inclusion project

What was the issue you were addressing or working on?

The 55up Financial advice project set up by Voluntary Action South Ayrshire is supporting older people with financial advice to support their wider independence and well-being. This case study illustrates one of the clients situation, the support offered and the difference made.

What you did?

74 yr old man suffering from depression, so much so that he attempted suicide on 3 separate occasions. This was solely down to his financial debt problems which had been adding up over a period of years and he couldn’t see any other way out. He had been made homeless and was now in the care of the local mental health hospital. Social work referred the client to us as part of his medical care team. Our advisor worked in the hospital with the client to understand the extent of his financial crisis. He was still receiving continuous daily debt letters.

The 55up advisor completed his assessment and produced a financial statement, detailing clearly the extent of the debt involved; £31,000. They took great care in looking at all possible solutions, discussed them at length with the client, so that he understood what would happen with each solution. It was decided that voluntary sequestration was the preferred choice, so a Debtors Application form was completed and sent to the Accountant in Bankruptcy along with all necessary documentation. Set up a new bank account where all his finances will be easily controlled. Sequestration was granted.


What were the outcomes - benefits or otherwise?

The client has now left hospital care, re-housed in a bedsit within a sheltered housing complex and getting on with rebuilding his life.

Client Comment: “My life situation seemed impossible to deal with. I could not see any other way out of this financial situation which made me feel ashamed, guilty and a burden to others. This service has allowed me to be free from my debt problems and given me the chance to rebuild my life. I am so grateful”

Contacts - to find out more

Lewis Currie,  lewis@voluntaryactionsouthayrshire.org.uk 01292 281800