Self employed but work is slow

Quinny_2

My wife and I have an IVA, and I'm self employed, however this time of year is always very slow for work, and it's getting to be a struggle to live what with increased costs never mind pay the IVA.

As we are only into the first year of our plan, can we ask our company for a revised figure?

Charco_2

Certainly speak to your IP/IVA Company to see if they will help to accommodate you.

Depending on how tight things are getting, you could ask for your repayments to be reduced by up to 15% for a while, or for a complete payment holiday for a few months, or as you say, a review of your situation. (Edit: any payments or time you take off now might ghave to be added on later)

You should also take the time to draw up a more accurate budget that allows you to put aside a little for the leaner months.

Many people also find that although the budget allowances aren't overly generous you can still cut corners. The "Old Style Money Savers" forum has plenty of tips to help make your food budget stretch a little further for example... any savings you are able to make can be put aside for yourself. (Edit: If you find that work is better in some months and that you are a bit more flush, don't be too quick to declare that to your IP... keep it in the business books and average it out over a longer period)