IPA and IPA Child Benefit

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mick1972a

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Post by mick1972a » Mon Mar 09, 2009 7:02 pm
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Hi if you have to pay into either an IPA or IPO I have read that child benefit is not counted as income that can be put towards this. Is it also the case for child tax credit and working tax credit or just child benefit.

I am working so these benefits will not be our only income.

Thanks

Mick
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kallis3

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Post by kallis3 » Mon Mar 09, 2009 7:04 pm
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I'm totally sure what is counted towards an IPA.

Can I direct you to the sister site to this?

http://bankruptcyhelp.org.uk/

They should be able to give you an answer.
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
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David Mond

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Post by David Mond » Tue Mar 10, 2009 7:44 am
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I personally believe that all of these benefits are classed as income for the purposes of an IPO or IPA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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mick1972a

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Post by mick1972a » Mon Jun 29, 2009 9:16 pm
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Just thought I would update on the question I asked. We eventually went BR at end of April. Child Tax Credit is counted as income but Child benefit is disregarded.

Mick
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plasticdaft

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Post by plasticdaft » Mon Jun 29, 2009 9:46 pm
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I wonder why one is counted and the other is not??
Thanks for letting us all know thought Mick.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Michael Peoples

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Post by Michael Peoples » Tue Jun 30, 2009 9:18 am
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I think the reason is that child benefit is specifically paid to the mother to be spent on the child. Tax credits can be paid to the father or mother and supplement income.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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