Will IVA affect my children?

[nico]

The stress of being in debt for as long as I can remember has taken it's toll on me and I've found it hard to cope at times. My biggest concern is what I have put my children through.

The sheer stress of being hounded by creditors has taken it's toll changing my mood from being fun loving to uptight and miserable with a total lack of energy. This is why we have chosen the IVA route.

I would love to be able to provide them with what they want yet often they have to wait for ages until I can afford what they need.

Our IVA proposal is going to be tight for us to be able to achieve a decent return which is likely to be accepted.

I decided as a positive to try and encourage the kids not to follow our past spending habits and teach them the importance of saving. I have opened each of them a bank account and although we cannot afford to put money aside for them I have the time to help the 'earn' bits of cash.

I walk dogs for neighbours with my 9 year old and do a paper round with my 12 year old. Should I be declaring this 'income' to our IP for consideration? I do not take any of this cash as it is purely for the children which they use if they want to go to the cinema or swimming or treat themselves.

[MelanieGiles]

There is no need to declare your children's pocket money to your IP, Nico - and well done to you for educating them into enterprise at such a young age!

[kallis3]

I would think that the amount earned is negligible when compared with your other income, so I would have thought not.

I am not an expert though, and I am sure one will be along to answer your question.