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Stereotypically, it’s our parents who bail us out of problems. From putting us through education to acting as a taxi service, our loved ones usually have our backs. Now we’re older – and hopefully wiser! – its only natural that we want to give something back.
If family members are struggling with debt, there are several things you can do. In some cases, you might be able to do a grand gesture. For example, this American baseball player surprised his parents by repaying their creditors.
Let’s be realistic for a second though, if you’re reading this you’re probably not a star athlete – or earning the salary of one. Still, this hasn’t stopped many of us from helping out our folks.
Research from an investment firm discovered that more than one-fifth of millennials financially support their parents in some way. Whether through such actions as potentially sorting bills or making sure their loved ones have food in the cupboards, it’s quite common for adult children to lend a helping hand. As a spokesperson for the investment company stated:
“It’s not just the case that Millennials are sitting home after college and parents are ready to get rid of them.”
When supporting parents in debt, there are a couple of points to make first. To begin with, their situation isn’t your responsibility – unless if the account is in your name. The second thing to bear in mind is that your finances must be in a good place before you start helping others.
After all, the last thing you want is to get deep into debt because of altruism.
As you’re probably well aware, debt is a very personal matter. As a result, your parents may be reluctant to even discuss the topic. Instead of barging in and taking over, just let your parents know that you’re here to help.
Stressing their debts won’t affect the love you feel for them, offer your support but don’t push the matter. If your parents don’t want your help, there’s unfortunately not much you can do.
Do you owe your parents any money? If so, it’s time to pay it back. Furthermore, if they made any large purchases for you years ago, such as your first car, you could help your parents by reimbursing them.
Perhaps the best way to help your parents isn’t by paying off their debts. Instead, work with them to identify solutions. These options could include:
There are also a range of debt solutions out there for helping your parents with debt. For example, an IVA could help them get a fresh start on their finances.
Thinking about your parents in debt is never a nice feeling. However, whether you want to just help them yourself or wish to get expert advice, we’re here should you need us. Available at the end of the phone, we’d be happy to discuss possible solutions to your parent’s debt.
Get in touch and let’s work together to support your family.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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