www.iva.co.uk

Does anyone know how they work out your monthly income if you are paid hourly and biweekly?

Thanks

If you have regular hours they will multiply the hourly rate by the contracted weekly hours, multiply this by 52 and divide by 12 to get the monthly equivalent. If your hours / income varies wildly from week to week they will probably work on a three month average.

Thankyou, Yes unfortunately im on 0 hour contract so week to week can be different which is extremely annoying

Sat Oct 03, 2020 7:53 pmJessjj wrote:

Thankyou, Yes unfortunately im on 0 hour contract so week to week can be different which is extremely annoying

Needless to say that will require very careful budgetting, if even acceptable to your IP --- you will need to squirrel away from the 'good' months to survive the 'short' months ! Have you looked ast other solutions, such as Debt Relief orders (if you qualify) ?

Ive been in iva for 2 years and had my income reduced due to health and the beginning on the year and then got put on a a payment break over the 6months due to furlough, they are putting my income back to normal (Before health issues) but require 3 months worth of payslips which i wont have until December so i just wanted to know how they would work it out, thankyou

Sun Oct 04, 2020 9:12 amJessjj wrote:

Ive been in iva for 2 years and had my income reduced due to health and the beginning on the year and then got put on a a payment break over the 6months due to furlough, they are putting my income back to normal (Before health issues) but require 3 months worth of payslips which i wont have until December so i just wanted to know how they would work it out, thankyou

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Sun Oct 04, 2020 8:54 amFoggy wrote:

Sat Oct 03, 2020 7:53 pmJessjj wrote:

Thankyou, Yes unfortunately im on 0 hour contract so week to week can be different which is extremely annoying

Needless to say that will require very careful budgetting, if even acceptable to your IP --- you will need to squirrel away from the 'good' months to survive the 'short' months ! Have you looked ast other solutions, such as Debt Relief orders (if you qualify) ?

Ive been in iva for 2 years and had my income reduced due to health and the beginning on the year and then got put on a a payment break over the 6months due to furlough, they are putting my income back to normal (Before health issues) but require 3 months worth of payslips which i wont have until December so i just wanted to know how they would work it out, thankyou

A total monthly income consists of all the money that comes in to the household budget (I assume that you are not talking in commercial terms). That would include:

1. Your net pay for the month; whether you are paid weekly or monthly.
2. Any money that comes in through unsolicited gifts from friends and family.
3. Any State Allowances that are paid to you weekly or monthly
4. Interest or dividends (if paid monthly); in the latter case of dividends on investments you have made are usually only paid twice a year, and dependent on the total holding of shares in that company. These would not come in to monthly income but in your overall annual income.

Total those up and that gives you your monthly income. However, in most cases your gross month income is derived from your salary (the latter paid on a certain day in a month, the other paid each week, usually on a Friday).