Diary of a Debt Advisor: F for Family

I’ve always been a very family-orientated person. I’m still close to my parents and my siblings, and I know how tough it can be to watch one of your relatives struggling. 

I think that’s why Matt’s case really meant a lot to me. He was a young, good looking, single guy who seemed to have it all. He had quite a good job and lived in a multi-million pound house. So it came as a bit of a surprise to me when Matt responded to our advertising. We had the first consultation at his house, and I can remember thinking to myself as I pulled up outside his amazing house – ‘what am I going to be able to do to help this guy?’Matt was up-to-date with all of his payments on a couple of loans and some cards, but was really struggling due to the help he was having to give to his family. After talking to him, it emerged that the house he was living in belonged to his parents. His father, who used to be a successful businessman, had unexpectedly had a stroke and was now unable to work. With no income from his father and a large mortgage still to pay off on the house, Matt was struggling to make ends meet. The family had tried to sell, but with the current disappointing market, unfortunately they had no luck.Obviously, further borrowing was just not an option. After talking both with Matt and the rest of his family, we came to the conclusion that entering a debt management plan (DMP) would be the best option. This would reduce Matt’s payments by several hundred pounds a month and allow him to contribute more to his family’s household expenses.What’s more, a couple of months later I was contacted again by the family and ended up providing DMPs for each of his parents and for his younger brother who had recently lost his job.As a result of these plans, we were able to help the whole family by reducing their monthly unsecured debt repayments, which enabled them to retain their house and cover their essential expenses.
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Consumers get financial advice from friends and family

It has been reported that more and more consumers are now turning to friends and family in order to get advice about their finances rather than opting to go to a professional in the field. A study was carried out by insurance giant Aviva, which indicated that the majority of people felt more comfortable asking members of their family of friends for help and advice relating to financial matters than asking an industry professional.

With so many people having debt to deal with and many others feeling confused about their financial situations, the need to get advice has become more and more prevalent. The study results showed that only around one fifth of consumers were inclined to go to a financial advisor in the first instance in order to get financial advice. However, the figures did show that the older people became the more likely they were to go to an independent financial advisor.

The study was carried out to examine consumer attitudes towards their finances and how valuable consumers found professional financial advice to be. Almost three quarters of those aged between eighteen and twenty four said that they would turn to friends and family for advice rather than going to a professional. However, only one quarter of those aged sixty five and over would opt to ask friends and family over a financial advisor. The results of the study further suggested that there was a general lack of understanding amongst consumers with regards to the advice and services that independent financial advisors were able to offer.

One spokesperson from Aviva said: “It’s a concern that so many people are relying on friends or family and the internet for financial advice, and that they are not aware of what an IFA could offer them.”

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Helping Family In Debt

Written by Lizzy on Tuesday 15 March 2011

Being in debt can often leave people feeling embarrassed, ashamed, lonely and scared. When someone is in debt they often try and keep it to themselves and try and hide it from their loved ones. If you are one of those loved ones and know someone in debt, it can be very hard trying to help them.

At Payplan we receive many calls from worried family members expressing their concerns and wanting to know either what they can do to help or what help is available to people in debt. Unfortunately without knowing any details it can be hard for us to give precise advice. However what we can say is that it is always best to sit down together with the person and talk to them. The chances are they will be feeling embarrassed and may not want to share their problems or they may not want to burden you with their problems. Once you have spoken with them it may be easier for them to deal with their debt problems as they will no longer feel alone.

If you know someone who is struggling with debts then please get them to call Payplan on 0800 2802816.

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Young Britons priced out of family life

Young Britons are being priced out of marriage, home-ownership and parenthood according to study by First Direct.

The internet bank says that today’s twenty-somethings would need to nearly double their wages to enjoy the type of lifestyle their parents had at their age.

The average Briton in their mid-20s would need an annual salary of £39,720 to buy a house, pay for a wedding and have their first child – all milestones their parents’ generation had passed at that age. To buy a house at the same level of affordability as their parents could at the same age, the average twenty-something would need to be earning £44,600.

Someone in their mid-20s can expect to earn an average of £25,500.

A couple who married in 1985 could have expected to pick up a house for something in the region of £35,000, four times the average salary. The average UK house now costs over £163,000, or eight times the average salary.

More than one in five young people said they had, or will have to, postpone getting married due to a lack of funds and nearly a quarter say that they will have delay having children until they are in a better financial situation.

Three in ten of today’s twenty-somethings’ parents were married and on the property ladder by the time they were 25.

Paul Say, head of marketing at First Direct, said: “Today’s young people appear to be rising to the challenges of their generation. One in three (34 per cent) say money concerns make them more determined to succeed in life and be more considered about life decisions (68 per cent).

“Many may have been forced to delay life milestones but this is making them plan ahead more and think carefully about the decisions they make.”

To compound matters, the average under-25 year-old has student debts amounting to £11,467 from their university days. A figure that will increase for future generations when the government’s plan to increase tuition fees takes effect in 2012.

Some 35% of respondents aged under 25 said they need to borrow money just to make ends meet with four in ten expecting their personal levels of debt to increase over the coming year as a consequence. Around 58% of those questioned expected the cost of living to go up this year, adding to their levels of indebtedness.

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