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Financial assessment(14 Posts)
Yay! The initial home visit went great and we are on to stage one!!
We have been sent a financial assessment form to complete and at the moment it looks a bit dire. We have moved house and done a massive renovation to create more space all in preparation for either continuing treatment/pursuing adoption- as it is we obviously pursued adoption. It has left us with a loan to parents and a bank loan that we had to take as the costs crept up. We are through the other end of it all now but obviously need to top up savings again and pay off the 2 loans which we are able to do by March next year. Preparation groups are in September so I think home study will be over Christmas/early 2016??
We are still ok financially even after paying the 2 loans- after food, petrol and savings we still have money to live on and manage to go on holiday.
We discussed it last night after getting it all down on paper and we are wondering if we should take the 6 month break after stage one to get the 2 loans paid off ready for home study. We weren't going to but I don't want the social workers thinking we are drowning in debt. We have a bit left over on a credit card from having 8 years of fertility treatment as well. We manage all of this fine- we both earn good wages and we can still manage it absolutely fine even with my wage gone- but I am just wondering if they will look at it better if we clear it and boost our savings more.
What do you think?
No I think you'll be fine. As long as they can see it's going down and what your plans are for coping when on adoption leave etc they'll be happy enough.
Will they not expect all debts to be cleared?
I think you should be fine as long as you can prove you are financially stable and have a pan for post-adoption.
I certainly don't think they will expect all debts to be paid off. We have debts and we have been approved so...
Thanks! To be fair social worker loved new kitchen when she came for initial visit so hopefully they will appreciate the extra spend!!
Just feel a bit nervous because we have obviously racked up some debt recently but as far as we are concerned, it's a short term thing and has all been done with expanding the family in mind. It was just a bit cringeworthy putting it on paper because it looks awful!!
We still manage to save though so fingers crossed it will be ok.
It's made me regret having the work done now! I guess I never thought about it in a long term.
I have made a spreadsheet for the next 18 months to plan spending and saving and paying off so I hope this will be ok.
In general though, we manage money really well and have only ever borrowed for fertility stuff which certainly crept up over 5 cycles. The amount of debt we have at present is definitely unusual for us.
What are your plans re adoption leave and going back to work after placement? This will have an impact on your finances.
I would advise being realistic here. I went back to work after my two dc but couldn't continue working due to their complex additional needs (only apparent after adoption.)
All our financial plans were around my decent earnings.
My dh earns enough so that I can have the full year off and give up work. My only issue with that would be that my profession means that I have to register which means I have to practise or I lose my registration. So we would be looking at me going back 2 days a week with a request to work at home for some of that so that I can keep my pin. Even with me not working it would be mega tight but ok. What do SS class as ok though?! It's quite individual!! Do they think everyone should have a grand left after bills or are they happy as long as you show you manage??
We have made a plan for paying stuff off although we will still have a bit left on a credit card. Can manage overpaying on that a bit though while we are going through the whole process.
I don't want to put numbers to this cos it seems really crude and I don't want flaming but with paying things off and saving, I can get a little pot together of about £7000 to see us through buying stuff and being on leave so hopefully SS will be ok with that.
Sorry to go over this but I am a worrier about money and it's nice for people to just say 'aaah yes that seems ok!"
Just to clarify, can give up work potentially as long as we have kitchen loan and parents paid off. Otherwise can't. So even more reason to pay it off!
SS did contact me today and said they don't look at finances till stage 2. Prep course is September so I am thinking probably home study in the new year??? Will give us time to have it all cleared I think.
I only ask about the savings thing because I saw someone on the conception board that said she saved 40k before even TTC. Just wanted to check that yes she is the exception and I am the realist
We put in our financial plan during stage 1. Inc bank statements etc. Very in depth. I have a store card with a DD to pay whole balance. Use it maybe 3 times a year. Forgot to include it as a credit card and they spotted it in bank statement!! We have 2k savings and able to pay bills on one wage + adoption pay. We passed stage 1 on this basis so you should be ok.
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