MrsKnight wrote:
I hope you are right Micheal - Ive just been looking again & some of the papers reported that hidden in the budget, household with incomes over 23,275 with 1 child could lose child tax credits altogether in 2012. I really hope this does not happen.
Sorry edited as inputted wrong year
I'd not heard this bit, is this income a take home income. If its a PA wage then this is us. We only get £40 a month and have done since child born, god I really hope they don't do this. And to think we voted them in.............begining to wonder if it was the right thing.
Leakybrain, This is another article regarding the same matter but not confirming the figure.
And I believe the 23,275 figure given is before tax etc taken off!
PS: We are close to this figure aswell, working family with 2 little boys.
Last edited by MrsKnight on Mon Oct 04, 2010 2:53 pm, edited 1 time in total.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Mrs Knight, I read this when they were voted into power!! Thats us! And it worries me, we earn around £25k together (me working part time) and that £40 allows me to put electric in the meter, fuel in the car etc of the last week in the month!
I wouldn't go that far! While I think some of the Coalition cuts are too harsh, Labour was far too free with benefits, hence many people who don't work are better off than those of us who do. Therefore to try and get the country back on track everyone has to suffer.
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
Well our tax credit payments have ended so we are hundrends pounds down- overpayment due to error...oh well.
Dont think we will be effected with child benefit as together we earn 47k but joint.....hope not as we will feel it then after each month are money vanishes on payments...etc
Labour any day!!!!!!!! Knew this would happen..........there rules dont make sense, i understand they need shape up things n get all the scroungers off benefits but its not fair on thousands people it will effect...
yes I agree with you it is very hard and unfair however one could argue if it hadnt been for Labours terrible mismanagement of our fianances we would not be in this situation in the first place and this happens every time Labour are in power they leave us in a terrible state. Not political but the reasons must be made known. As the ConLib say "We are all in this together" Somehow I dont believe this!!!
Last edited by ashb on Tue Oct 05, 2010 6:15 am, edited 1 time in total.
The problems we are in now are as a result of a global economic crisis. It is wrong, I believe, to lay the blame on the previous government.
I know and accept that cuts have to be made, but these cuts shouldn't be so deep that they prevent growth and recovery. These cuts are typical of Tory ideology.
I have no problem with child benefit being means tested...but this is ridiculous. How can it be fair that we lose our child benefit but a family earning nearly £88K keeps it.
2 years ago husband & I decided that I could quit my career & become a sahm to our 2 small children as he had been offered a promotion & although we would be effectivly dropping my part time wage his extra money should help cover it.
The new money just raised his basic over the £44000 but with the recession they stopped all bonuses so we are now one part time wage down & no bonus to help pay the bills & debts so welcomed our IVA.
We rely soley on our £188 at the end of the month 2 pay for food shopping, we watch for it to hit the empty bank account & have normally had beans on toast for a couple of days whilst waiting for it.
I know we can not manage without that money & it count's as nearly half of our iva payment.
I feel like we are being punished for being a tradditiona family that rely on one bread winner & one main child care provider, ie me.
Do we just keep paying in even though we now know that 3 years into our iva in 2013 we won't be able to afford to eat properly let alone pay our debt?
I do believe that creditors will look favourably on any variations where people have had their incomes destroyed by this attack on middle income families and stay at home mums. However, there is no guarantee and I can understand why you are worried. It may be worth seeing if the cut does go through and certainly keep your IP informed.
Maybe the government might give us back our married couples tax allowances or allow unused allowances to be transferred between couples. This would ease the burden but I will not hold my breath.
I am with '3littlegirls' here, we simply cannot manage without our £242 as we have 4 kids. I feel pretty devastated to be honest as we are really trying to make our IVA work in spite of some pretty tough circumstances.
The problem is that no-one knows what will happen and how creditors will react but that's no help to us. I can't face getting 3 1/2 years in only for it to fail due to this and am seriously considering calling it a day and declaring myself Bankrupt, handing the house back and walking away from this whole sorry situation.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
I've just seen on the news that they are planning on re-introducing the married couples tax break but not until 2015. Fingers crossed we'll be married by and we'll actually be entitled to something instead of paying out all the time!
Unfortunately due to the current climate of the country, cuts and changes were always going to be unpopular.Whatever your political persuasion, Labour had made a mess of our finances. Things had to change and will. I am sure there are more unpopular decisions to come.
However, i do feel that Child Benefit and the likes should not be included in IVA's as it mean't to help bring up the child and not used to pay your bills.
I do agree with you it is a scary time ahead. However I do not agree with you that NO blame should be against the previous goverment-why not please explain ? Before you do, investigate how in the past Labour goverments have been reckless with our finances and how this has taken a generation to overcome-yes the world downturn has not helped but good fiscal resposibility has never been a strong point any Labour goverment has been able to come to terms with. But one thing is for sure, it will have an impact for at least ten years...
