www.iva.co.uk

Hi. My daughter is due to finish nursery soon and we are currently paying just under £500. What happens when she finishes? Would the IP expect to take this payment every month from then on? Thanks in advance.

When she leaves nursery there will be other added expenses to consider: School lunches, uniform, trips and kit. And don't forget possible Breeakfast and after school clubs. So some of the "savings" would (should) be allowed against these. The rest will increase your disposable income and, therefore, your IVA paymant will increase.

Of course, much will be down to your IP's discretion, but, in my case, when this happened, we managed to offset the whole of the previous nursery fee against the new school expenses.

If you receive tax credits these could also reduce so the best thing would be a total review of the income and expenditure.

Your I&E will have to be recalculate and reassessed when your finances change.