Child benefit included as income

[rubberduck]

Hi can any one clarify this as MABS and citizens advice couldn't, we are in arrears with our mortgage and recently had to fill out a standard financial statement detailing our income and spending, as we are on social welfare we receive 5.50 euro weekly mortgage interest supplement, when I was filling in the form I rang the bank and asked them why I should include our child benefit as income as this is not considered when applying for a medical card, council housing or rent relief, I was told if the form asks how much we get we must fill it in, again I replied that when I applied for the mortgage I was given 3 times my gross salary (9 years ago) and that at that time my salary was the only income that mattered when applying for a mortgage. confused.

 

[flattea2]

At the time they (rightly or wrongly) considered just your income from your job as sufficient to cover the mortgage. You also accepted their decision to loan you the money.

You are now in trouble with repayments and they want to know all sources of your income as you owe them money. I don’t think this is unreasonable.

If you want it sorted its in your interests to be full and frank with them. And they already know you are in receipt of Child Benefit anyway.

 

[wbbs]

Child benefit is not an allowable source of income for borrowing purposes, same as lots of social welfare payments, you in general can't borrow using dole as an income source either, even in addition to another income.

However from repaying your debts point of view all income coming in to the house is counted as means, MABS themselves included it in their standard financial statement long before the new bank/MABS form came out.