Financial check

[DennyDifferent]

Hi,

we're postponing applying to adopt while we pay off some debts. Was just wondering what your experiences of the financial check have been? What exactly do they check and how? Is it a look at x number of months bank statements, credit score, you write your incomings and out goings and they just take your word for it...

Thanks,
Denny

[MrsM2509]

We had to write incomings and outgoings and show latest bank statement. It was just to prove that our incoming was higher than outgoings

[meoverhere]

Yup, same as Mrs, exactly.

No credit check.

[Velvet1973]

Don't think we had to "evidence" ours, just completed the form of financial details, incomings/outgoings savings etc.

[CloserThanYesterday]

Same for us ... we had to show latest bank statement, and fill in outgoings/incomings sheet and that was it. No credit check or anything.

We were worried about it as we have no savings and quite a bit of credit card debt (mostly in interest free payment plans) but it was fine.

They just want to make sure you've got enough to cover all your commitments, and provide for a child.

[CloserThanYesterday]

Same for us ... we had to show latest bank statement, and fill in outgoings/incomings sheet and that was it. No credit check or anything.

We were worried about it as we have no savings and quite a bit of credit card debt (mostly in interest free payment plans) but it was fine.

They just want to make sure you've got enough to cover all your commitments, and provide for a child.

[HappySunflower]

3 months bank statements, all of mine are online so I had to copy and paste them into a word document. This was some years ago though, might be easier now!
I also had to do a three year forecast to show I comings and outgoings before having a child, first year of adoption leave, then year two with me easing back into work etc etc.
What they were looking for was that I had enough money/savings to take a year off work, then manage financially without it being stressful.
The year off work relatively easy to evidence on paper, for the subsequent years you might find going onto the tax credits calculator and entitled to a helpful thing to do as that will predict what other benefits you might be entitled to claim. What it won't show you is the 15 hours free childcare/early years provision for adopted and looked after children from when they are aged two.

[DennyDifferent]

Thanks all!