Feeling very frazzled today and worried!

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ThriftyWitch

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Post by ThriftyWitch » Fri Jul 02, 2010 6:44 pm
I am going to ring 'our' super duper team Giles about this but since its Friday and I don't want to stew on it until Monday!

Aside from my hubbys income (our main income) which is straight forward, I work as a relief courier, so only get work when someone in my area is off. I provide cover for about four other couriers. Now, when we spoke to Tina, we factored into the budget based on what I earnt last year at approx £100 per month for my income.
I suddenly had a pang of fear earlier....what happens in the months I don't earn? I can go three, four months with nothing and then get quite a bit. For example I have four consecutive weeks lined up soon to cover holidays, then I will probably go for the next couple of months earning from nothing to £50-60, then cover another few days etc.

So if I am relying on £100 per month to stick to my budget then will I have trouble finding enough money to cover everything on the months I don't earn anything? and then what happens when I do the four weeks holiday cover, will I then have to pay extra into the IVA? (so say for the 4 weeks I get £450, will I then be paying the 50% thing on that as I have technically earn't more than my 'basic' £100?)
I have to pay out extra fuel (than budgeted) on the weeks I work more than say three consective days. So, if I only cover the odd day for sickness I can easily do this within my fuel budget, but if im covering a week or more, then my fuel bill would be more than the budget.

Am I making sense? :-(
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ThriftyWitch

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Post by ThriftyWitch » Fri Jul 02, 2010 6:47 pm
Oh and I forgot to mention, this is self employed job, so even though to date I have never had to pay any tax etc as I always earn under the threashold, in the (unlikely but possible) event I did, I would then also have to pay my tax and NI at the end of the year.
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ThriftyWitch

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Post by ThriftyWitch » Fri Jul 02, 2010 9:14 pm
Anyone?[:)]
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kallis3

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Post by kallis3 » Fri Jul 02, 2010 9:33 pm
I have no idea about this, but am sure that Mel will pick up on it over the weekend.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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ThriftyWitch

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Post by ThriftyWitch » Fri Jul 02, 2010 9:38 pm
Awww thanks for responding Jan, sorry for the urgent sounding 'anyone' I have been completely consumed by it all day!.[:(] Thats the trouble with me, I think too much! x
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New start

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Post by New start » Fri Jul 02, 2010 9:47 pm
Thrifty

I have no answers because as you know i am new to this too.

But i do know how it feels to feel completely consumed by it all.

So just letting you know you are not alone.

I am feeling all the same things.

Thinking about you,

N
 
 

kallis3

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Post by kallis3 » Fri Jul 02, 2010 9:50 pm
No worries, it is hard when you are starting out and you want answers.

Mel and Andy usually post during the weekend so hopefully of them will pick up on it.

I know very little about self employment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Shining

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Post by Shining » Sat Jul 03, 2010 6:29 am
Mel will go through all this with you I'm sure or one of her super team. I'm with Mel and if I have a niggle or a doubt I know she is there for me x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

ThriftyWitch

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Post by ThriftyWitch » Sat Jul 03, 2010 12:10 pm
Thanks guys. Feeling even worse today, not sure why. Maybe its the mulitiple calls from Halifax, can't tell them yet as tax credits 'aren't sure' when my money will be paid into the new account, same for child benefit and my wages will be going in on Tues as it was too late to stop them. What the hell, just take my money, who needs to eat anyway[:(]
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Pandy

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Post by Pandy » Sat Jul 03, 2010 12:21 pm
Hi ThriftyWitch,
We all get days where everything overwhelms us. Just remember you are not alone and we are all here for you, to help keep you sane.
I am sure Mel will be along to put your mind at rest soon.

[:)][:)]
If life is what you make it, I must have been in a strange mood when I made mine
 
 

ThriftyWitch

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Post by ThriftyWitch » Sat Jul 03, 2010 1:28 pm
Pandy wrote:

Hi ThriftyWitch,
We all get days where everything overwhelms us. Just remember you are not alone and we are all here for you, to help keep you sane.
I am sure Mel will be along to put your mind at rest soon.

[:)][:)]
Thanks Pandy. Not sure I can go on like it really. Im not the best with figures but it doesn't add up at all. Looks like I will HAVE to earn £100 per month to be able to put aside everything in the budget and HAVE to loose some off the food budget on the months I don't earn also. Fingers crossed hubby is right and ive simply missed a small detail.[:(]
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MelanieGiles

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Post by MelanieGiles » Sat Jul 03, 2010 2:09 pm
Sorry - only just picked up this post as I have been so busy to get time to post this week.

The averaging of income generally works for people like you who only earn some months and not others. Higher income in the earning months needs to be saved to cover shortfalls in the months that you don't earn.

I will review this with you a little later on when we are ready to finalise the proposals, but if we both feel that this income is too risky to rely on, we will inform creditors of this and any income that you then do earn will be picked up under normal wage reviews.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ThriftyWitch

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Post by ThriftyWitch » Sat Jul 03, 2010 2:39 pm
Thank you Melanie. I was worrying that on the months I earn say, eg; £180, that I would have to pay extra into the IVA on the £80 over my 'basic' earnings, then possibly have no income for the next three or four months!
For example this tax year, the four consecutive weeks work I have lined up for the end of August/Sept will be my biggest month income wise all year (that assuming I get those four weeks paid all at once, more likely to have some paid in Sept pay pack and some on Octobers pay run) There is sometimes the odd week at xmas, but apart from that, this tax year so far I have only covered the odd day someone was ill or had car trouble. Its not like I cover for 30 or 40 people either, I only cover for four people, so its not like they are ill all the time (thankfully for them)

I have all my pay slips anyway all in date order for you to see [:)]
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Pandy

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Post by Pandy » Sat Jul 03, 2010 3:02 pm
TW I have added you as a FF If you want to add me, so we can email if you want to rant and let off steam or just fancy a chinwag.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jul 03, 2010 5:37 pm
No - in your case the income will be averaged over the year or else it won't work. You would be struggling in the months you weren't working otherwise.
Regards, Melanie Giles, Insolvency Practitioner
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