Adoption finance checks

[LoudingVoice]

We’re in the early stages of adoption, could anyone tell me how much info they ask for in financial checks & if they expect you to have tonnes of savings? Do they run a credit check or want to see bank statements?

We’re ok, we cover our bills and a bit left but we’re not rolling in it!

[Ted27]

@LoudingVoice

yes you will need to show bank statements, requirements for savings vary

what they want to see is that you can support a child so have you thought about the following for example
how will you fund adoption leave - most SWs will be looking for a primary carer at home for a year
the costs of childcare
what happens if the primary carer can’t return to work full time or even at all?

[Moonopoly]

Our local authority weren’t that bothered about the finance side asked for a bank statement to prove salaries being paid but didn’t dig much deeper. Didn’t ask about plans for not working or cost of childcare.

[Ted27]

As with everything in adoption, agencies will do things differently

It makes sense though surely for individual prospective adopters to give serious consideration to these things.
I put off applying for two years because of finances and my job. I loved my job but it wasn’t practical in terms of school and childcare, it paid enough for me, but not enough to drop to part time. Better to sort all this stuff out before you adopt than get a shock when they are home.

[Jellycatspyjamas]

My LA asked for payslips to evidence our income, a mortgage statement and a budget pre kids and projecting what it would look like post kids. I then changed job and dropped salary so had to do it all again.

In saying that, I agree with @Ted27 that it’s best to plan and think things through, we had various options of working hours eg different part time options, one of us stopping work etc depending on what the kids could tolerate re childcare etc. The more you think it through the less of a shock when the time comes.

[settingsunshine]

I'm a solo adopter and just starting the application process.
My agency do keep reminding me that I need to consider how I'm going to pay the bills.
There must be some people who possibly don't think of this aspect, but I've run through every scenario from working FT as I do now to ending up on benefits because I can't work.
The campaigns seem to convey that anyone can adopt, but in reality you do need to have more savings/salary than most parents do starting out (plus you are likely to be older than most first time parents, so I guess SW are expecting you to be more financially secure because of that too?

[Ted27]

@settingsunshine

I don’t think they do expect more savings or salary than other parents.

There are dozens of threads on mumsnet from pregnant women worrying about how they will manage financially on maternity leave, returning to work and childcare - its a bit late to start thinking about that when you are pregnant.

As an adoptive parent the last thing you want to be worrying about is money if you have a challenging child, particularly if you are single.
I’m also a single adopter, I had very little savings, ( under £2k ) but had a great adoptione leave package at work. I had a decent job but far from being a high earner and it was just enough that I could afford to drop to three days a week. I did delay my application for nearly 2 years to get myself that job and in a reasonable financial position.
I was very lucky to get an adoption allowance though.
The ‘anyone can adopt’ thing - of course that has to be subject to some caveats - you need to be able to house, feed and clothe them - you need an income to do that, but it doesnt mean than only rich people can adopt.

[settingsunshine]

Hi Ted,

I'm just sharing my experience.

One thing I have learnt is the adoption landscape changes so rapidly, adoption rates are pretty low at present, what happened 10 years ago might not be that relvent for those currently going through the process.
In my limited experience agencies can afford to be extra picky when choosing adopters to take through the process.
In all my training days so far where I've met fellow potential adopters in my agency they seem well-heeled and have professional careers etc and own their own homes (these are based on our chats about homes, jobs, pets etc in our discussions and breaks).
I have very high savings due to downsizing and my SW has been very interested in my savings and my different scenarios if I can no longer work etc.
It might be just my agency, or even just my SW, but money has been an area of great interest to mine and I have no red flags in that area as I have high savings and a good stable and flexible career.

[Ted27]

@settingsunshine

as was my SW interested in my financial position. In my case the lack of savings was more than compensated by having one of the best adoption leave packages you can get.
Interpretations of ‘well heeled’ may of course differ, and of course SWs will take forward the adopters they feel most likely to succeed.
Most of the adopters I know would be classed as professionals, but we are talking teachers, lecturers, health care professionals, people in the voluntary sector, civil servants - I’m a civil servant - comfortable but not rich.
I don’t know any seriously wealthy adopters personally, thought there was someone on another site who dropped his private plane and Hollywood connections into the conversation a few times!
Yes I did adopt 10 years ago, but I have done quite a bit of co facilitating of adopters training and I’d say the profile of adopters hasnt changed much.
I’m also training to be a foster carer and at my training event yesterday there were 2 teachers, a prison officer and a small corner shop owner.
Ordinary families.

[EnergyCreatesReality]

Our LA were very thorough with finances, we had to provide payslips, bank statements, credit card statements, my car loan agreement as well as complete a detailed spreadsheet with all of our current monthly income and expenditure broken down and an anticipated breakdown for once we had adopted.

This was split into adoption leave and a second breakdown for when I returned to work part-time. We were approved for adopting siblings (although only adopted a single AD) and had to show the breakdowns for 1 or 2 children as well so factoring in double the childcare costs etc. We had some savings and had to show how we would use these to supplement the drop in my income when on adoption leave.

[ewright86]

We were asked to provide the following…

a completed financial statement form
one full months bank statement for EACH bank account (dated within the last 3 months)
evidence of any statements
screenshots of credit card balances
screenshots of all/any finance agreements
one months wage slip each (dated within the last 3 months)

i don’t think there are any hard and fast rules just that you can afford to pay your bills/debts AND can you afford to add a child to the mix. So if you have a lot of debt, that doesn’t mean you can’t necessarily afford it and if you don’t have a lot of savings that doesn’t mean you can’t adopted.