www.iva.co.uk

Just found out we are entitled to around £800 tax credit payment for the year 2012-2013 due to having a new baby. We usually do not receive any tax credits at all. If we claim this will we be able to keep any . We have only just entered in to iva last month? Any advice please?

If this is deemed a windfall and you are both in an IVA there is a possibility that you could keep it all as the entitlement would be joint i.e £400 each. This is below the usual threshold for windfalls so worth discussing with your IP.