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Struzzo39
- Posts: 1820
- Joined: Sun Jan 24, 2010 5:56 pm
- Location: United Kingdom
Hi. Just wondering if anyone can help. At present our childcare provider is currently Grandma. (Dont ya just love em) Unfortunately she has started having problems with her heart and having "funny do's".She is into her 70's Bless her. Our concern is that We don't think she is well enough to continue doing this for us. If this is the case it would mean me dropping my hours to child friendly ones about 190 down a month or to start incurring childcare fees of which we don't have a present. Working out to be around 250 a month for our 2 gorg boys. Both affecting the IVA. Currently we are paying 325 per month. Just wondering if anyone can help, as were only into our 4th month of the process and don't wanna find ourselves failing the plan already. Any advice would be great. xx
Steven & Debbie
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
Your IP can authosise a payment reduction of upto 15%, 48 pounds but anymore will have to be agreed by your creditors. The problem that you have is reducing your payment of 325 by 190 will make your IVA non viable
Would you get more tax credits if you reduced your hours ? this may bridge the gap
Regards
Andam Davies
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Struzzo39
- Posts: 1820
- Joined: Sun Jan 24, 2010 5:56 pm
- Location: United Kingdom
Thanks for the quick response. Don't think we'll fall into a new tax bracket to be able to claim anymore tax credits. Just keeping our options open at minute. Maybe we'll just have to sell up and down size. Just not sure what to do for the best at minute. I'll give her that bless her its great timimg!!!
Steven & Debbie
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MrsKnight
- Posts: 3225
- Joined: Thu Nov 13, 2008 12:52 pm
- Location: United Kingdom
You could phone tax credits & get some advice on your situation, they have helped me in the past with worries over our income.
Obviously I dont know your full situation, but if both parents are working over 16 hours a week, you can get help for child care costs.
It really is worth giving them a call & seeing if they can help before doing anything.
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
Lyns x
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Struzzo39
- Posts: 1820
- Joined: Sun Jan 24, 2010 5:56 pm
- Location: United Kingdom
If we did decide to up sticks and down size. The money we save on the mortgage monthly, would it have to be paid into the IVA or could that be used to cover the losses from my wage? Don't think we'd have enough equity in property for a deposit on a new house and to pay the iva in full.
Steven & Debbie
