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Finance checks

(7 Posts)
SunshineLover Tue 28-May-13 17:12:27

Hi everyone

We're just starting out on the adoption journey and a little bit worried about the financial checks. We have a decent joint income of around 50k and manage our finances well these days - but we do have around 8k of debt between us in various credit cards and loans which we are paying off slowly.
I also have an old CCJ (due to be removed next May after the required six years) which was for a really small sum - £150 - from a utility bill I didn't realise was owed when I moved on from a shared house with friends years ago. I paid it as soon as I realised but unfortunately the CCJ had already been registered.

I just wondered if anyone had any experience of this sort of issue, or could offer some insight into what the agencies might require in the way of financial checks. Do you think we might have an issue?

Thanks in advance!

HappySunflower Tue 28-May-13 20:54:30

Do you have savings?
I had to have evidence of savings to be cleared to proceed. My SW wanted three months work of bank statements and a three year financial plan, to show how I would support us during my adoption leave, and the years after until my child was of school age.

I had a few thousand on a 0% credit card at the time, she wasn't fussed about that.

No credit checks were run for me, just bank statements and evidence of savings seen.

SunshineLover Tue 28-May-13 21:09:33

Thanks for the response, that's really helpful. Yes we do have some savings but only a couple of thousand at the moment - we're hoping to get a bit more behind us before we formally apply.

I guess it's different for each LA but its good to have an idea!

Happiestinwellybobs Tue 28-May-13 21:19:33

No experience of CCJ, but we were asked to show payslips, asked what our mortgage was and our other loans (car, extension) And whether we had any savings. I can't remember being asked to evidence anything other than our payslips. They just wanted to know what are incomings were and what our major outgoings were.

HappySunflower Tue 28-May-13 21:32:56

I've just remembered something else. I needed to show that I could afford to take a year off work, and then return part-time, so that's definitely something worth you looking into.
When you do, don't forget to count child benefit and tex credits-it makes a real difference!

Devora Tue 28-May-13 21:57:57

We had to show something - bank statements? We were in debt at the time (though manageable levels) and had no savings, but it didn't seem to be an issue. I have a reasonable income, though.

SunshineLover Wed 29-May-13 08:02:57

Thanks everyone - this is all so helpful. Have just had a look at the tax credits calculator which has come up with more than I expected, and have started putting together a financial plan for adoption leave and beyond ... even if our LA turns out not to want it it can't hurt can it?!

I'm sure we can manage but it's just a case of showing it smile

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