What Financial Checks Are Done for Fostering?
Finances are integral when fostering a child. Therefore, agencies and/or local authorities conduct a rigorous financial background check. Find out here what you should expect to be checked.
Your application to become a foster carer depends on various factors one of which is your financial ability to care for a child. Your financial background and ability will be checked when you apply to become a foster carer in the UK.
What will a foster agency check?
The family income
Your income as a family will be a major consideration when your fostering application will be reviewed. The selection panel must be assured that you or your partner have a stable income that can support your family’s needs.
There will be an allowance given for fostering a child. It is crucial to the foster agency that they ascertain that this allowance will work in the best interest of the foster child. They can only be sure of this if you have another source of income to support your family’s needs.
Family’s expenditure
Your expenditure will also be assessed to check if it matches your income. You are supposed to live within your means so as to be able to avoid using fostering allowance to keep up with personal expenditures.
Debt
The fostering agency will also check your current and past debts. The idea is to establish if you are capable of managing your debt to avoid mismanaging fostering allowances.
Importance of financial checks when fostering
You will be in charge of caring for a vulnerable child. This means that you must be able to cater to their needs as directed by the fostering agency. The fostering allowance will help you meet the foster child’s financial needs.
You will need personal financial security to handle fostering allowance. It doesn’t mean that you have to be rich, but you must show the financial capability to care for a foster child.
Conclusion
Financial checks done during fostering are friendly. They shouldn’t worry you if you want to become a foster carer.
Get started today and we will guide you through the financial checks done for fostering.
