Childcare costs.
Just looking through my income and expenditure figures which were produced in Feb this year when setting up my IVA. At that time, because my son was under 5 years of age he was entitled to the 30 hours of free chidcare. Since July however we have had to pay for childcare including morning and afterschool clubs and also school holiday clubs. this amount can be anywhere from £125 per month to in August nearly £600 as we needed a child-minder to look after him whilst at work.
I am pretty hopeless in all of this and just asking, can Creditfix include this childcare into my income and expenditure? I am not due my review until around Jan / Feb time, shall I wait or is it worth me speaking to them now?
It should be included as an allowable expense. After all, if no-one looks after the child, you don't go out to earn a wage to pay the IVA! However, it might well derail the IVA if the resulting drop in IVA payment makes the IVA unviable or simply no longer attractive to the creditors, so some care does need to be taken to get the balance right.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Yes absolutely it has to be included!
Apart from rent/mortgage this is likely to be one of your biggest outgoings.
I have had 3 children in childcare during the 5 years IVA and like you it tipped nearly £700 especially during summer holidays.
It must be included and taken into account.
We had an arrangement with childcare provider that we paid set amount each month regardless of term/holidays because it was so difficult to budget for the hefty hike in fees during holidays (actually got an invoice one August for £1200 payable in 7 days from them!) As they wanted a month in advance amd the current month, and they put the fees up in the July! Nightmare!
But yes defiantely get the fees included!
abbiesmum2003 wrote:Yes absolutely it has to be included!
Apart from rent/mortgage this is likely to be one of your biggest outgoings.
I have had 3 children in childcare during the 5 years IVA and like you it tipped nearly £700 especially during summer holidays.
It must be included and taken into account.
We had an arrangement with childcare provider that we paid set amount each month regardless of term/holidays because it was so difficult to budget for the hefty hike in fees during holidays (actually got an invoice one August for £1200 payable in 7 days from them!) As they wanted a month in advance amd the current month, and they put the fees up in the July! Nightmare!
But yes defiantely get the fees included!
Yes, we (as it was then) averaged out childcare costs across the year. When the lad started school and childcare diminished the IP said to leave it as it was to cover after school club, school lunches, trips etc.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Our youngest is now at school but holidays are a killer! No choice if you have to work and no family available to hell.
Still costing us £60 a week just for after school care!!!
