Hi. My eldest child will be going to university soon so our child benefit and tax credits will go down. How does this affect our monthly payments? I understand that I will have smaller bills with one less person in the house, but does the IVA take this into account or will my payments stay the same? I'm getting ready to sign my proposal and I'm worried about changes in income as the kids get older
Hi
This needs to be addressed within your proposal so speak with your IP before signing anything.
You will need to calculate income and expenditure based on the reduced income and reduced expenses
Regards
You will definately need to readjust your income and expenditure to accomodate these changes. Will your son need any financial support from you whilst he is at university?
MelanieGiles wrote:
You will definately need to readjust your income and expenditure to accomodate these changes. Will your son need any financial support from you whilst he is at university?
Dont all kids need financial support while at college or uni???[;)]
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Have to say that my daughter (other than food when she stayed at home) used student loans and a part time job to get herself through Uni as we couldn't afford to!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We were almost at the end of our credit when she started, so helping out was not an option.
I hate the fact that when she does eventually get a full time job she has to start paying back an awful lot of money to student loans.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
She'll probably be married and funding herself by then!
I can retire with a lump sum after my IVA has finished, and she knows she will get some of that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
