Thursday 23rd of December 2010
Individuals in the UK who are already deep in the red and are concerned their debts may soon become uncontrollable may want to seek individual voluntary arrangement (IVA) questions before the party season rolls around.
Allianz Insurance has warned get-togethers held around this time of year can result in costly damages - which could spell bad news for those already worried about their financial situation.
The organisation claimed parties thrown by teenagers who have arranged the meet-ups via social networking sites can hit parents particularly hard in the pocket.
It claimed mothers and fathers are picking up a collective bill of £14 million as a result of mishaps that have taken place at these types of shindigs.
Parents admitted they do not like their offspring to arrange home-held social events over the internet, with 65 per cent claiming advertising parties via portals such as Facebook can be a dangerous practice.
Moreover, the investigation revealed more than one-in-ten (11 per cent) of teens said they have held a bash after arranging it in this manner.
Nearly a fifth (17 per cent) of mums and dads have claimed on their home contents or building insurance for accidents that took place at parties hosted by youngsters - resulting in an average cost of £117.13.
It was also found that 71 per cent of those questioned do not think their home insurance policy covers them for damage caused at these gatherings.
Gareth McChesney, head of home and motor portfolio management at Allianz UK, said: "Parents face tough decisions when allowing their children to host a party and it is natural to worry about the celebrations getting out of hand."
The findings come after a recent Moneymood survey from Legal & General showed 30 per cent of Brits are intending to trim their festive spending this year in an effort to avoid tumbling deeper into debt.
By Hayley Jones
