I am in an iva and I am a foster carer. the income I receive is mainly for the children we look after and can change amounts very quickly depending on how many children we care for. can this money be regarded as disposable income
It is income, but should be offset by relevant expenses. Although the foster carer's allowance is mainly to pay the children's expenses there is an element of income there. Due to the fluctuating nature it would be best if you could sort out some sort of "system" with your IP, so that changes can be made quickly if needed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Additionally if the IVA income stream is mainly the foster carer's allowance I would suggest you reconsider if the IVA is the correct way forward.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
