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Hello
Does anyone know if the allowances paid for fostering (approximately £120 per week, per child) are taken into account in terms of I & E, or are they kept out of the equation as they are paid specifically to reimburse monies paid for the care of the fostered child?
It is a path we would really like to go down, but not sure if the pending IVA will make this impossible? (In which case we wait 5 years!)
We might not be the world's best at managing our finances, but we do feel we would have a lot to offer as foster parents.
Blue

Yes this is income that would be taken into account for the purposes of your IVA, but of course there would be addiitonal costs which would also need to be taken into account.

Have I got a bad case of deja vu, Blue - or did I not answer this query for you a couple of weeks ago?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Probably Melanie, but I have a whirring mind at the moment; lots on; worrying about imminent creditors meeting!
Forgive me!
Blue

No problem with asking again - I just didn't know if I had been eating to much cheese before bedtime again!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

It will be classed as income but you will be able to offset this income by all reasonable costs incurred.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hello Blue,

Firstly, Good on you (& your partner) for offering to be foster parents, I think it’s great!

As other members have mentioned this will be included in your income but would obviously be offset by the increase of housekeeping, clothing etc.

Just a thought which others are welcomed to question or agree on, you may want to find out if taking this child on makes you eligible for child benefit and/or tax credits.

You may not be as the child would be fostered rather than adopted, but I think its worth looking into.

Best Regards. IVA Experts

I really hope that the IVA does not stop you from doing this wonderful thing. Lots of people with kids go for an IVA and they survive it. I am sure you will be able to claim enough expenditure.

Good luck with everything, you really deserve it.

lily

Hi Blueshoes
I don't know what area you live in but the Welsh Assembly Government (WAG) released a document saying that what Foster Carers get paid in the way of allowances barely covers the expendature. Outside of London there are no regional differences in Foster Carer Allowances. Its very long winded but its all in the link below

http://www.opsi.gov.uk/legislation/wale ... 41011e.htm

Hi Blueshoes, I just wanted to wish you luck with fostering x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Thank you everyone for your words of support and encouragement.
I'm not even sure the local authority would approve our application as part of the selection process looks at finance and money management. And we would definitely score a U!
Blue

Don't let that put you off Blueshoes, it doesn't hurt to ask.

All the best with everything.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp