financial situation will affect my future child?

[angela.b]

Hi
My IVA was accepted in March 2007 after agreeing to pay a little bit more than was originally offered, so far everything is going well. I have a question though about change of circumstances. I have read my IVA paperwork and all it states is that it will be reviewed yearly on its anniversary. Firstly, a month ago I was awarded a £3000pa pay rise and my husband will be changing jobs next month and earn an extra £2400pa. Secondly, we have been trying to adopt a child for a while now and it is looking like they will be coming to live with us some time at the beginning of 2008. This child has severe disabilities and is entitled to disability living allowance and this will also mean that we will be able to claim child tax credit.
Do I tell my IP about all this now? wait for the aniversary? how much extra will I have to pay? and can they claim some of the childs benefits as these are for the benefit of the child not for us?

Sorry it's a lot of information but I am starting to get a bit worried that my financial situation will affect my future child!!

[MelanieGiles]

Hi angela and welcome to the forum

I think that it would be courteous to tell your IP about your potential change of circumstances now. If you were my client I would appreciate being kept informed - and I am sure that they will share this view.

Your IP will then review your circumstances, and probably ask you to submit a revised income and expenditure statement so that he/she can assess whether you are in a position to increase your payments. The child benefits will be treated as income, but I am sure that you will have additional expenditure to counter the benefits.

This is just my opinion as one of the forum experts - others may have alternative views, but your own IP is the best one to contact. Let us know how you get on and good luck with the adoption process.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

Agree with Melanie on this, it would be prudent to inform your IP about this now, although I'm sure this will not affect your ability to achieve a succesful IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[angela.b]

Thank you for your quick replies.

I will contact my IP and let you know how I get on.

Angela