Money & Finance for Friends and Family
If you are supporting your grown up child, or a friend who is going through separation and want to help with money or finances it is important to consider your involvement carefully. Separation is a process and more often than not it throws family finances into disarray whilst plans are made for each partner to get on with their lives separately. Sometimes the plans made need support from wider family and friends for a time to make them achievable.
However, money is a bit of a minefield and it’s often difficult for people to ask for financial help. It may be useful to check whether money is an issue to provide an opportunity to talk about it. It is also really important that if you are offering financial help the terms and any conditions attached to that offer are clear. For example, it is no good offering to lend a rental deposit whilst the house is being sold if you need those funds next month and the house isn’t on the market yet.
Often the most helpful financial support is transitional – whilst your friend/child gets back on their feet, retrains, finds work, accesses benefits, etc – and as well as being clear about the terms of your help it is important to be clear about your expectations of repayment.
One of the most valuable ways you can support your friend or child on separation is by encouraging them to use mediation as a lower cost, quicker and less conflicted way of sorting out money and finances.
National Family Mediation (NFM) is a network of professional family mediation providers based in England and Wales that work with families affected by relational breakdown. All providers aim to help clients achieve an outcome that works best for them and their family
National Family Mediation (NFM) services charge £25-£100 for a MIAM, depending on geographical locality, which may include the fee for the completed FM1 form. Meetings usually last for 45 minutes – 1 hour. This includes the means assessment to check whether you will be eligible for Legal Aid, determining whether your mediation will be free or not. Mediation sessions which follow the initial MIAM are charged at a sliding scale according to income, but start at around £80 per session, and usually last up to 1½ hours.
If you would like to get more information about mediation and/or make an appointment you can contact NFM direct on 0300 4000 636 or you can contact a NFM family mediation provider in your area.
All services also take referrals from Solicitors, the court or other helping / support agencies.