www.iva.co.uk

We are halfway through our IVA and are currently going through adoption process, can you please advise we go ahead if we risk going at the very worst bankrupt by taking on child/children? Adoption leave/pay entitlment is completely different to maternity leave/pay.

Thanks

Hi
As long as you can continue paying into your IVA all will be fine.
The income that you receive for adoption should be cancelled out by your increased expenditure
Have a chat with your IP
Regards

The difficulty we have is that I'm on around £1400 a month after tax, my dilemma is going to be that adoption leave is totally different to maternity, whereby my pay will reduce to £400 per month. (£117 p/w) or (£1,000 less a month)

Adoption has always been my dream but after being told that I would be entitled to the same benefits as maternity we progressed with the process.

Reality hit us both yesterday about the finances and I'm scared/daunted as I don't honestly know I'll be able to afford dropping so much pay whilst being on an IVA.

In my eyes, adoption is far more important than owing a few debts. Your children will be with you for life, and are such a blessing, that I would not do anything to prejudice your chances of looking after a little one (or two!).

If this means bankruptcy will ensure, is it really as bad as you first thought?

To be honest, I don't want to place our IVA in jeporady. I am daunted as when we began the adoption process I was given advice that adoption pay and maternity pay would be the same and both qualify for the same benefits, which would enable the IVA debts and bills to be paid.

With the new information about the prospective and substantial loss in earnings I feel at a complete loss of what to do.

Hi,

Im Skinflint's husband and we are both in the difficult situation. Thanks for your reply's. I agree that the adoption is far more improtant than the debts but weve both worked very hard to avoid bankruptcy.

In you opinion or experience, how understanding do you feel the creditors would be if we called another meeting to discuss a possible reduction in payments? Of course this would be temporary until my wife returned to work, my gut feeling tells me that they would see adoption as a choice as opposed to pregnancy being a possible "unplanned" event. It could be argued that adoption requires a longer bonding period due to the childs issues of loss etc.

I just feel that the finacial world wont see things as we do and apply emotional thinking to the request.

Your thoughts and advice would be much appreciated.

Not at all - I feel that your creditors would be most sympathetic to agreeding a payment reduction - and if I were your IP I would really be recommending this as I assume that you have been trying to adopt for some time.

Do you know if you are going to get a new-born, or are you looking for an older child?

The very best of luck to you - this must be enormously rewarding and I bet you are getting so excited.

Jumping in on a similar vein....
How is fostering children viewed by creditors and the whole IVA process?
Not in respect of reduced payments as I believe that foster children are finacially (on the main) provided for by the 'agency' tht manage their care plan.

Thank you Melanie.

I will discuss the situation woth my IP tomorrow.

We are very open to the age of the child, we wish to make the decision once we have been given more details of the childs needs etc. We found being selective a tad difficult, they are only children afterall, they all deserve a chance to thrive. However, we have been recommended for a child between 0 and 4 yrs.

Many thanks

Good luck to you both xx
Your doing a wonderful thing.

Thank you Marie

Col - do make sure that you keep us updated with your progress.

With regard to fostering, I have a number of clients who are foster parents and do receive an income for doing this worthwhile work, but this should be used to fund the needs of the children and not to fund debt repayments.

As long as the act of fostering would not affect getting an IVA approved.

Without going into too much detail on the forum we have considered various options in relation to family over the years (when we were still kidding ourselves we could manage repaying without help). I have been trying to prepare myself for being told that fostering/adopting anything would not be possible once in or whilst trying to approve an IVA. To receive this info is a comfort.

Thank you x

col and skinflint i just want to wish you all the best on your adoption route as a mother of 3 i can tell you there is nothing more rewarding in all the world as having children, debts aside, it doesn't monitor you as parents, i wish you all the love and luck in getting the child/ children that you deserve, all the best.
kerri

Hi Col and skinflint, I really wish you all the bast and hope you have an addition soon.
There are so many children out there needing people like you[:)]

Very best wishes
Emma