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Parents with debt problems should ask earning children for help

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-dependent 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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