# Financial questions



## clo76 (Oct 9, 2013)

Hi everyone

Just wondered have any of you been asked any financial questions at panel. Our sw has been asking me a lot of questions about it over the weekend. She is due to finish the report tomorrow. We have a loan and credit cards that we use, surely this is acceptable. I work in banking and I have seen people's accounts that are a million times worse than ours. I'm worrying now, they have never asked about our finances although I did put on the loan and credit card payment amounts on the application. Why would they leave it so close to pane?!


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## MummyPhinie (Oct 27, 2013)

We have been given a form to fill in on finances ready for our par in stage 2. It was explained to us as we are looking at a sibling group and with the chilcare costs, time off work, ongoing costs etc, they said finances would be more important to show that we can maintain caring for more than 1, less important for  a single. Although don't understand why it is becoming more of a focus at your stage.


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## GERTIE179 (Apr 20, 2005)

Hi Clo,

It's likely your SW is just being thorough as your getting near panel. I'm sure it's all ok but worth preparing answers to Qs such as how you would cope if you couldn't return to work at end of AL or redundancy. 

We had enough of a best egg saved but my DH got made redundant whilst I was on AL and had no income coming in. All our planning was needed.

AL is different to Mat in that with Mat you can always return to work earlier and LO with family/nursery within a few weeks. Our LO can't really cope with nursery and we don't have enough family to look after LO for me to return yet so it's being prepare for all the worst cases. 
HTH x


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## Wyxie (Apr 10, 2013)

Hi Clo,

I understand what you are saying about your finances compared to other people's, but they will say that adoption can put a real pressure on family finances, and I do think they're right.  Ideally, they want you to have savings rather than debts.  It's possible your SW may ask you about your plans to clear at least some of your debt before you have a child placed while you are both working.  They will want to see that you have the income to take a full year off work, and that you can cope with any unexpected events such as redundancy etc.  Like Gertie, it would have been inconceivable for me to go back to work at the end of my first lot of adoption leave; our daughter was just too messed up to risk complicating things further with additional carers and if financial pressures had forced this, I do not think we would be even close to where we are now in terms of the progress she is making.  So we are now living solely on my husband's wage and our savings, and will be for at least a couple of years until both my children are in school.  Even then, I imagine work will be part time and casual to fit around school.  We have lots of considerations that most people with a birth child simply don't.  I'm sure if I'd had biological children I'd have gone straight back to work and put them in nursery, and thought little of it and my children I'm sure would have coped just fine.  Adoption is, sadly, just different, and can place a huge amount of extra demands on people so they will want to see you have contingency plans in place.

It's not that usual for financial questions to be asked at panel, because SWs almost always cover finances in detail in the report, particularly where there are debts.  If they thought this was a big problem then they should have talked to you about it sooner.  In all likelihood it's a paper exercise and as long as you can show your plans "add up" it'll be absolutely fine.  But if your SW didn't cover it in the report she wouldn't be doing her job, I'm sure panel would pick it up and question you about it.  The whole point of the report is to make sure that panel don't have any reasons to say no!

All the best,

Wyxie xx


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## snapdragon (Jun 27, 2011)

I would say she is asking you loads of questions because there is a bit of the PAR relating to finances she hasn't completed. In our la we have a list of questions that need filling in. I really wouldn't worry.


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## sass30 (Apr 16, 2011)

Finances was our biggest dredd. You dont have to be a millionaire and people on benefits adopt. We dont have savings and have loans and credit cards but we have a financial plan and we are saving from this month(previously used savings for ivf and civil partnership) just show how you will manage but u will manage as everyone has to when you have kids. Honestly dont read too much in to it. Panel dont see your finances ect sw writes about them x


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## Billybeans (Jun 16, 2012)

Hi All, I just wanted to join this conversation if I can please!
Both DH and I have credit card debts, mine is pretty minimal and will likely be paid off in 4mths. DH's however is pretty significant and may take a couple of yrs to pay off. We also have a car on finance but have never missed a payment and will be paid off in about 18mths.
We don't have any savings and we both work lots at the moment 6-7 days/nights a week. So we can't do anymore than what we are doing but we don't have any spare cash at the end of each month and rarely have treats/luxury items.
So not sure how it would work out when I am on AL.
Having said all this, we do have a contingency in the fact that we have another house that we rent out so if it came to it we could sell that house.
Would this be enough of a back up plan?
We wouldn't be looking to adopt for another 12mths yet so some of the finances may be a little better than current situation.


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## Billybeans (Jun 16, 2012)

Just wondering if it's best to try to sell house before hand and pay off debts. I can't decide what's best, sell and be comfortable or keep hold of house for future. Been thinking about this for about a yr and can't decide what to do. We currently have a Tennant which makes it a tricky situation.


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## Hunibunni (Jan 18, 2009)

Hi Billybeans only you and your DH can make that decision.  

If it was me and I had an asset to sell that would clear debts and will enable us to have a clean slate and not struggle, it's a no brainer, I would sell.  

Before you make the decision though why not  speak to an adoption agency and mention your situation.  You may be surprised as what you might think is bad debt may not actually seem that bad to them.  At least that way you can make an informed decision which way to go.

Hope that helps you.

XX


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## Billybeans (Jun 16, 2012)

Thanks hunnibunni, that's a great help. Good idea. It's just such a big decision that we have been mulling over for a while and can't seem to decide for certain. We could do with selling then we can b comfortable but if we sell that's all I have to fall back on for future. Big decisions!!x


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## becs40 (Apr 9, 2013)

If it were me Billibeans I'd keep it and try to chip away at the debt. As you say it's a great asset and surely sw and panel could see that outweighs any debt if necessary. Once it's gone it's gone and I'd be more inclined to keep it for a really rainy day! If you're coping with your debts now and not increasing them and can continue to cope with a lo then hang onto it. As Hunnibunni says though it us really only something you and DH can decide on as you know what your situation is and how both scenarios affect you. It really depends on what your debt is like, if it's a burden then clearly a no brainer as Hunnibunni says to sell and relieve the burden. If you're at ease with the debt and it's not a burden then carry on. Do agree as well about dis using with sw for their "professional" take on the situation.


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## Billybeans (Jun 16, 2012)

Thanks becs, lots to think about.xx


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## Billybeans (Jun 16, 2012)

I am really struggling to make a decision. DH says sell it, parents say try to hang on to it. All our earnings are going on monthly bills though. I can't decide what to do!


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## GERTIE179 (Apr 20, 2005)

Hey BB,

Have you wrote a full pro & con list? Have you had the flat valued recently for both resale & rental? What about remortgaging - would that free up any equity for unsecured debt? 

You still have a while to think about things so don't feel stressed to make decision soon as that always make it feel more of a burden. If you are feeling stretched every month did to bills I know I'd be inclined to consolidate and reduce, but if there are ways to give you a bit more wiggle room each month that make change your pro/con list.

Have you considered Money Advice to see if there is anything you could be claiming if options to ease your monthly pressure.

Good luck x


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## Macgyver (Oct 27, 2008)

Billy beans


  Our sw said at our financial visit that everyone has debt and it is very rare these days to find someone who hasn't got some sort of debt. As people have said before, talk to the adoption agency as you may be surprised. Good luck


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## Billybeans (Jun 16, 2012)

Thank you Gertie and MacGyver, we are having it valued next week, we have a tenant in so we know what the value for rent is, so will await the valuation to sell and make a decision from there. I will speak to adoption agency about finances and debts too.


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