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Posted: Fri Mar 05, 2010 9:54 am
by mags5kids
Hi. My eldest child will be going to university soon so our child benefit and tax credits will go down. How does this affect our monthly payments? I understand that I will have smaller bills with one less person in the house, but does the IVA take this into account or will my payments stay the same? I'm getting ready to sign my proposal and I'm worried about changes in income as the kids get older
Posted: Fri Mar 05, 2010 10:24 am
by Adam Davies
Hi
This needs to be addressed within your proposal so speak with your IP before signing anything.
You will need to calculate income and expenditure based on the reduced income and reduced expenses
Regards
Posted: Fri Mar 05, 2010 8:47 pm
by MelanieGiles
You will definately need to readjust your income and expenditure to accomodate these changes. Will your son need any financial support from you whilst he is at university?
Posted: Fri Mar 05, 2010 9:08 pm
by plasticdaft
MelanieGiles wrote:
You will definately need to readjust your income and expenditure to accomodate these changes. Will your son need any financial support from you whilst he is at university?
Dont all kids need financial support while at college or uni???[;)]
Posted: Fri Mar 05, 2010 9:42 pm
by MelanieGiles
Having funded three of them in part, I can definately agree with that one!
Posted: Fri Mar 05, 2010 9:47 pm
by kallis3
Have to say that my daughter (other than food when she stayed at home) used student loans and a part time job to get herself through Uni as we couldn't afford to!
Posted: Fri Mar 05, 2010 9:53 pm
by Shining
I'm hoping my daughter will go in two years and if she sorts herself for the first year she can have my IVA money or almost all of it thereafter.
My son starts this September at Manchester Uni, he's 27 so I'm sure he can be self sufficient.
Posted: Fri Mar 05, 2010 9:59 pm
by kallis3
We were almost at the end of our credit when she started, so helping out was not an option.
I hate the fact that when she does eventually get a full time job she has to start paying back an awful lot of money to student loans.
Posted: Sat Mar 06, 2010 6:53 am
by luluj
But Kallis by then you may be in a position to support her a little and even if it is a little she will know how much you love her......
Posted: Sat Mar 06, 2010 8:09 am
by kallis3
She'll probably be married and funding herself by then!
I can retire with a lump sum after my IVA has finished, and she knows she will get some of that.