Adoption with debt

louisa29

Hi All

Having just turned 40 and 15yrs of trying for children DH and I are going to start our adoption journey. 

I currently have 5 debts totalling 9k with one being 6k. I'm hoping 3 ranging from £120-450 will be paid off by the time we get to panel.
Dh has much more, 30k debts and I'm worried this will stop us being approved.

Comms69

It depends on how manageable the debts are. Finances are one factor they look at, and it's not the biggest one. But obviously they need to be sure you can afford to provide for the child(ren)

louisa29

Thanks comms. All the debt payments are 'upto date' with no defaults for quite sometime, all the companies are happy with the payment arrangements.

[Deleted User]

https://www.first4adoption.org.uk/who-can-adopt-a-child/10-common-misconceptions-squashed/
https://www.first4adoption.org.uk/first-steps-intro/
https://www.gov.uk/child-adoption/adoption-assessment

Retireby40

Im not sure about the legality or adoption process but more practically you have to ask why are you in debt? Was it due to buying a house and selling at the wrong time or where did the debt stem from and how long have you had it?

If you have been in debt for a significant period then it would indicate that you dont earn enough or are living beyond your means. Your debt is relatively low but your other halves isnt and when you combine the 2 your looking at the guts of 40k.

Ultimately if you are struggling with debt and to get by as a 2 it wouldnt look to promising for 3. 

Theres so many factors to think about like earning potential with a child. Will you both be able to work etc.

Fireflyaway

Most people do have debt of some sort and my understanding ( gained from a neighbour who adooted)  is the whole picture is looked at. So does the debt stem from something such as gambling or continually living about your means. Is it manageable so as not to impact on your priority bills. Is your income sufficient, do you have a plan / savings if you lost your job etc. Student loan debt is going to be viewed differently to payday loans for example. People on low incomes and even those without a job can still be eligible to adopt. Finances is just one aspect. 

louisa29

Thank you both. The debt stemmed mainly in our 20s and early 30s, even before we met. None of our debts apart from our mortgage are joint. The majority of debts range from mobile contracts, catalogues and cars on HPI. Over the years our lives have improved dramatically and we are finally getting ontop of it all as I say no defaults for quite sometime all companies are happy with the continued payments  and a household income of 51k we can show we have surplus for a child.

Retireby40

At the moment your salary of 51k may be enough to support a child.

However have you factored in who's going to look after the child? Are you going to stop working? If not you are going to have to pay huge nursery fees which arent to be thought lightly off. That is based on the assumption your going to adopt a baby and not someone who has been abandoned by their parents.

Basically they will want to assess if and how your circumstances change how will you as parents manage. Can you afford to live on one salary for a period of time? Will the child make things financially more difficult. 

Finances are not the only thing. But at the same time the last thing you want to do is have huge debts believing that all is ok and then a baby comes and circumstances change and the debt payments start to decrease and the debt value increases putting stress and strain on the household.

All you can do is try and if you have a good few years showing that you have addressed the debt and are managing it, along with owning your own home and having decent jobs and a plan in action that may be enough. Hopefully it is.

louisa29

Retireby40 said:

At the moment your salary of 51k may be enough to support a child.

However have you factored in who's going to look after the child? Are you going to stop working? If not you are going to have to pay huge nursery fees which arent to be thought lightly off. That is based on the assumption your going to adopt a baby and not someone who has been abandoned by their parents.

Basically they will want to assess if and how your circumstances change how will you as parents manage. Can you afford to live on one salary for a period of time? Will the child make things financially more difficult. 

Finances are not the only thing. But at the same time the last thing you want to do is have huge debts believing that all is ok and then a baby comes and circumstances change and the debt payments start to decrease and the debt value increases putting stress and strain on the household.

All you can do is try and if you have a good few years showing that you have addressed the debt and are managing it, along with owning your own home and having decent jobs and a plan in action that may be enough. Hopefully it is.

Thank you. Absolutely. We couldn't make the decision to adopt without thinking about childcare/continuing work etc we're extremely lucky in that area and I have spoken to my MD who is a great family man and eager for employers to adapt a happy work/family schedule.
We'll also be entitled to nursery allowance and SAL (statutory adoption leave) and SAP. 
We've been told there are very few babies up for adoption in the uk so it may only be a year or 2 before going to school. 

ChunkyMonkey2020

Congratulations on deciding to adopt.
Me and my husband adopted a few years ago, we were a lot younger then you. Had about 5k worth of debt and we probably only earnt about half of what you do. It was never an issue for us, they looked into the bigger picture and it was more about could we afford a child. 
I cannot see it been an issue at all. 

Good luck with your journey. 

louisa29

Thank you chunkymonkey (love the name lol)