Saturday 21st of August 2010
Information on individual voluntary arrangements (IVAs) could be in demand as research has highlighted the financial problems faced by many families in the UK.
According to Scottish Widows, eight per cent of British adults have given or lent money to their parents, with the average amount increasing in recent months.
The typical figure for those providing elders with help is £8,250, compared to the £6,500 identified by last year's survey.
Of those borrowing money from offspring, 37 per cent are using it to pay off another form of debt.
However, information on IVAs could help Brits owing more than £15,000 to three or more creditors reduce what they owe over a period of five years.
An IVA applies to unsecured borrowing and can freeze interest as well as allowing the debt to be combined into one monthly payment, although dedication is required in order to be successful.
Iain McGowan of Scottish Widows commented: "It is likely more parents will have to ask their kids for money in the future, particularly parents who are near to retirement and are struggling to put enough money aside."
By Neil Burton
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