will family credit have any effect on getting iva

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rob.s

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Post by rob.s » Tue Apr 01, 2008 11:00 pm
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Iam employed and my income is £1332.00 a month but £440 of that is family credit, will this have any effect on getting an iva
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MelanieGiles

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Post by MelanieGiles » Tue Apr 01, 2008 11:07 pm
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Hi rob and welcome to the forum

Not at all - I deal with many clients who have family credits and if they want to propose an IVA that is absolutely fine. Have you also looked at other options such as bankruptcy or a DMP?
Regards, Melanie Giles, Insolvency Practitioner
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Soulgrowth

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Post by Soulgrowth » Wed Apr 02, 2008 7:46 am
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Hi Rob

Just to say that my family and tax credits were taken into account as income when my IVA was being set up. This served to make the IVA affordable for me.

Good luck.

Debbie
Debbie
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Jo Rolland

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Post by Jo Rolland » Wed Apr 02, 2008 11:06 am
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They can be taken into account, but any IP would look into the age(s) of any children. Due to an IVA being over a 5 year period normally, it would depend on the age of any children as the family credit and and other benefits relating to children could stop if the children are of the age where they are leaving full time education.
Jo Rolland
Debt Alternatives
For free, ethical, impartial advice, please visit
www.debtalternatives.co.uk
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