youthmoney

Imagine a young graduate who wants to get out of debt. They are also thinking of a gap year, before getting a career job.

Why not commit to volunteering for a charity, after first making an agreement with a commercial sponsor? A good deal would be one where a local company, keen to help both a young person and the charity, agrees to pay off the debt after a few months’ volunteering.

Ian Wallace, 26, says this is what he did it. He had debts worth £14,000. He says he cleared them in eight months, working for three local charities. And now he is setting up a company which, for a fee, helps people in debt wanting to the same.

The scheme, which starts in January next year, seems to be for graduates. But if the idea is a good one, might it work for other young people? Might a local company help a homeless young person who is ready for a fresh start to clear their past commitments? Would helping a known disadvantaged young person to help a charity be more attractive to a potential donor than giving money straight to the charity’s coffers?

No harm in trying.