Will survey hints at demand for personal loans

Thu, 10 May 2007

A new survey reveals that more seven in ten adult children are concerned about their parents' financing legacy, which could potentially prompt some to investigate the possibility of arranging personal loans.

In a new poll from AA Legal Services, 70 per cent admit they fear inheriting sizeable debts after their parents pass away as a result of equity release schemes, charitable donations and other financing surprises.

In spite of this concern, 28 per cent of elderly parents over 55 years old admit they have yet to talk about the contents of their wills with children, while 14 per cent plan to never discuss it.

Commenting on the findings, James Molloy, head of AA Legal Services, predicted that many young homebuyers were not banking on financing support from their parents' wills.

"As young families take on bigger and bigger debts to get a foot on the property ladder, few are banking on a future inheritance to help clear the mortgage," he said.

A host of financial services providers currently offer competitively-priced personal loans, which can be repaid via a one-off lump sum or through regular monthly payments.

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