Yesterday I was braced for bad news when the budget was announced, but it seems today the details are slowly emerging, and it doesnt look good.
ITV news have just reported that families with incomes of £24,000 will loose child tax credits in 2012, while some other reports on the internet say this will kick in at £23,275.
Off the top of my head, our family income is approx £25,000, and the child tax credits we receive is approx £120, but should in fact be more but they are recovering an earlier overpayment. This is excluding childcare cost, which other families will undoubtedly be getting help with.
I'm hardly suprised, and dont know how many of us working class families will be able to afford to live from 2012.
My pay is frozen for the next two years. The only thing I am thankful for is that at least my IVA payments won't rise. Glad council tax won't be going up as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It appears they 'forgot' to mention this in the headline budget yesterday and it only came out when a journalist picked up on a table at the back of the budget document. From reading this document my understanding is it will only effect those families with one child - who, if earning over £24000 will receive nothing from 2012.
You have to remember that not only is it a monthly sum families will lose but the cost of nursery places which is currently paid for by the goverment. I think alot of IVA's will be failing in 2012.
andy
'There are no secrets to success. It is the result of preparation, hard work, and learning from failure
I don't care who is in government, we would all eventually end up paying more for everything.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
No one is ever going to like whatever the government of the day does, doesn't matter what party you support.
Just have to bite the bullet.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have just googled this & find it completely shocking but not surprising.
Yes the country is in a mess & we all have to contribute to sorting it out. But hitting families of this level of income, whom do go out to work n not sit at home on benefits is wrong.
I do not regard 23-25k total household income to be a in the middle average wage, its more the lower scale end.
I find it really upsetting as by this point we may be in a position to be effected.
Lets just hope there are lots of jobs that can fit round school n holidays then.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Doesn't matter who is in - we will all end up paying one way or another.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have to say (and this won't be popular!) that it was good to hear a budget that didn't contain the words 'hard working families' continuously! What about hard working unmarried people with no children?!?! Oh let's just tax them into submission!
Seriously, while I agree that £23k isn't a high income, there is no way that the level of payments that the last government handed out could be sustained without more borrowing.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have Children but it is unfair to keep taxing people that do not. I am afraid I think if you have Children you should be prepared to pay for them yourself and not count on Benefits to supplement you - I know I am not going to be popular with that one but we never used to have Tax Credits years ago and people managed.
I do agree, I managed Ray with my first 3, I claimed for my 4th because I could. Now I'm in an IVA that payment is in my Income so without it my whole I&E is not going to work. To give someone something and then remove will take a fair time to adjust to.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think there is a whole con game here. We are being led to believe that this financial crisis is our fault and we should pay for it.
We the ordinary people did not lend billions to unemployed Americans so they could buy houses with mortgages they could not afford to repay.
We did not decimate the manufacturing sector and put all of our faith in a bunch of crooks and spivs in the City of London who made multi million fortunes selling complex worthless financial instruments.
We did not invade Iraq and Afghanistan which has cost countless lives and £20 billion pounds not taking into account the lifetime care needs of the injured.
We did not create hundreds of useless quangos wasting our money arguing among themselves over things that are totally irrelevant. We did not hire chief executives of hospitals on salaries greater than the Prime Ministers but who would not know the difference between a plaster and getting plastered.
The list is endless but we have to pay for the mess. The people who will suffer most are the likes of a nurse on £25-30k who will see their wages and child benefit frozen, their tax credits withdrawn but their shopping bill go up due to the increase in VAT. If we lose people like this to the private sector who will be able to pay more, then I fear for other public services such as the police and fire service who also have skills much sought after in the private sector.
Finally, while I accept Skippy's point about those who do not have children, we do need to encourage population growth or there will be no one around to pay our pensions when we retire.