Income

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Jessjj

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Post by Jessjj » Sat Oct 03, 2020 7:28 pm
Does anyone know how they work out your monthly income if you are paid hourly and biweekly?

Thanks

Foggy

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Post by Foggy » Sat Oct 03, 2020 7:34 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jessjj

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Joined: Sat Oct 03, 2020 6:56 pm

Post by Jessjj » Sat Oct 03, 2020 7:53 pm
Thankyou, Yes unfortunately im on 0 hour contract so week to week can be different which is extremely annoying

Foggy

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Post by Foggy » Sun Oct 04, 2020 8:54 am
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) ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jessjj

Posts: 5
Joined: Sat Oct 03, 2020 6:56 pm

Post by Jessjj » Sun Oct 04, 2020 9:12 am
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 😊

Jessjj

Posts: 5
Joined: Sat Oct 03, 2020 6:56 pm

Post by Jessjj » Sun Oct 04, 2020 9:17 am
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 😊
.

Jessjj

Posts: 5
Joined: Sat Oct 03, 2020 6:56 pm

Post by Jessjj » Sun Oct 04, 2020 9:18 am
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 😊
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