For a few years now Mrs H has been contemplating a change in career direction, from heading a secondary school department, to fostering.
We have looked at information packs and discussed the pros and cons at length over a long period including pre-IVA days.
Our understanding is that there are basically two components to the fostering "income" ; a "fee" payment for doing the job plus an "allowance" to cover the child`s costs eg food, clothes, travel, pocket money.
Anyone know whether the "allowance" element lies outside the i&e calculations?[?]
I have no idea how this income would be viewed. Obviously your expenditure would go up due to child costs.
You need to speak to your IP about this and take advice from them.
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
from previous experience the allowance will vary from each child (ie age,and care needs) also the total income is taxable after a set amount (approx £12K per year.
You will find the the money is barely enough to cover all the childs needs - which will include clothes/school uniforms/outings/school lunches etc etc
So it may be worth speaking to your IP direct - on how they would like this to be addressed
I am acting for several foster carers, and can confirm that the allowance element of your payments will ne completely excluded from the arrangement. This is because you have to keep receipts to demonstrate to the local authority that the money is actually spent on the children.
Have to say hyperdrive that you have more patience than me!! I certainly couldn't do it.
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
The care system needs good foster carers and I take my hat off to anyone who can do this. It takes a special person to be able to do it, I wish you and your wife all the best if you persue this.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think it is very admirable to become foster parents and wish you both the best of luck with it....some of the disadvantaged children out there are crying out for loving caring people to simply give them a home and help them to enjoy life. Good luck x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I do admire people who do it but afraid I wouldn't have the patience!
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
Good luck from me as well - hope it works out for you.
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