Tuesday 21st of September 2010
Individual voluntary arrangement (IVA) questions could offer some much-needed information to parents who are anxious they are unable to provide for their children.
New figures from the Consumer Financial Education Body show 71 per cent are worried about having to stump up cash for their son or daughter while they're away at university, while 33 per cent are very or extremely concerned.
This could be even more of a problem if adults are burdened with significant debts that make it difficult to afford the cost of everyday essentials, never mind money for a dependent.
If you find yourself in a similar situation and owe more than £15,000 on unsecured financial products, asking questions on IVAs may show you there is a way of getting out of the red.
The measure requires a lot of discipline for a sustained period of time, but you might find your finances are more manageable as it freezes the interest on your debt repayments.
And once you're completely debt-free, you have considerably more resources to use to provide for your kids when they need you.
Tony Hobman, chief executive of the Consumer Financial Education Body, says: "Living away from home for the first time and managing on a budget can be challenging for students and their parents too."
By Mark Waterman
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