Child care

[Saltyfi]

Just realised my childcare will increase over summer - Us at work! Kids not at school! Should I already considered this in my figures at the start? Cos' i didn't - ooops! Any advice?

[cat 1]

Morning.I suppose you should have but I don't know if you can comsider it now.Someone will.I considered it as my childcare for one is approx £100 a week if she has to be there all week. I'm worried because I sometimes managed to find a free alternative to a club.Therefore, will the money 'saved' be taken away if I ;ve not had to use it.I need it'just in case' if you see what i mean.This IVA business is very confusing isn't it? My 'free'childcare is usually a case of swopping days off with another mum.It does mean my hols always involve other peoples kids as well as my own, but I suppose that's a small price to saving the cost of care?

[MelanieGiles]

This is a question which I always ask my clients with children - ie how will they be looked after during the school holidays and at what cost. We then calculate the figures and spread those evenly across the year, so that some money has to be saved up over term-time to meet the costs later on.

You will now need to speak to your IP about these additional costs, and may need to look at how you use your own holidays up over the next couple of years. If you have a partner, work out how many days you can actually cover yourselves, and what days will need to be paid for. And at the end of the day this means you will end up have some quality time with the children at the same time!

If your IVA payments need to be adjusted, it may be possible to reduce these by up to 15% so long as you can make up the difference by paying over a final year. If this is not an option, then you may have to apply to have the IVA varied.

[cat 1]

Melanie, your answer as usual was really helpful.This is how my company allocated money.I did expalin that I try to take the same hols as the kids and depending on demand in the office I was mostly successful in doing this. However, clearly I'm not able to take every week off (6 week in summer -bliss)Therefore, need to pay the club fees. My worry is about having the money and not needing it because I've taken the week off.I will save £100 at february 1/2 term time.What if I say cover 4 weeks of the summer hols. This wouls save me £400. However, if I couldn't cover it I would have to have the funds available. So, at my annual review, would it be seen that I don't need it. And, when she is a certain age (my IVA is for 6 years) will they stop providing it??? Thanks. Cat

[MelanieGiles]

You will definately need that money cat, and if there is any surplus put it in a savings account as you are sure to have some weeks when you need additonal childcare. At the end of the arrangement, if you have not used up all of the surplus, there is nothing to stop you handing the balance over to the Supervisor - but I suspect this will not happen!