Parents with debt problems should ask earning children for help

- Friday, 25 February 2011

Parents seeking debt help should ask their children, who are earning a wage, to contribute towards their living costs.

Such is the advice of Dave Rodger, managing director of the Debt Advice Foundation, a national charity.

He said: "While it is understandable that parents often don't feed their children, even when they are earning a wage, they should pay to live in the family home."

Parents should be able to ask their children to contribute even though it is a hard conversation to have, he added.

Those seeking debt solutions with non-dependant children who do not contribute any money may find it harder to be accepted onto a debt management plan than those who have children who pay a percentage of their income to their parents, Mr Rodger stated.

According to research from first direct, parents could save more than £10,000 over five years on their mortgage if their children pay them £160 a month for bed and board.
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Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

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