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Declaring income on credit applications
matttye
Posts: 4,828 Forumite
in Credit cards
I'm training to do a new job and, once qualified, I'll be in a position where my base wage is roughly the same as it is now, but overtime can effectively double my income.
My colleague already does this job and he earns 20k base, but around 40k with overtime.
It's a police station representative position, so each time somebody is arrested out of office hours and we're called out to advise, we get half of the fee earned and the company gets the other half.. so the money is far from guaranteed.
My question is, do people think declaring an income of 40k would be misleading if the base is half that? Even if it can be supported with wage slips? Clearly I wouldn't base my earnings on what my colleague earns, I'd wait to see what I actually get myself.
Thanks!
My colleague already does this job and he earns 20k base, but around 40k with overtime.
It's a police station representative position, so each time somebody is arrested out of office hours and we're called out to advise, we get half of the fee earned and the company gets the other half.. so the money is far from guaranteed.
My question is, do people think declaring an income of 40k would be misleading if the base is half that? Even if it can be supported with wage slips? Clearly I wouldn't base my earnings on what my colleague earns, I'd wait to see what I actually get myself.
Thanks!
What will your verse be?
R.I.P Robin Williams.
R.I.P Robin Williams.
0
Comments
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I would establish a figure that you think is a fair approximation of what you will earn in a year and then use if for your applications. Lenders don't know how much you earn so as long as you are able to back up your claims then it's not really a big issue. Just try to use the same figure for any applications you make as lots of differing amounts could be flagged up as fraud by national hunter.0
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I would establish a figure that you think is a fair approximation of what you will earn in a year and then use if for your applications. Lenders don't know how much you earn so as long as you are able to back up your claims then it's not really a big issue. Just try to use the same figure for any applications you make as lots of differing amounts could be flagged up as fraud by national hunter.
Makes sense, thanks.
What will your verse be?
R.I.P Robin Williams.0 -
Different companies can take a different approach to these things. Some what a "guaranteed" figure, some will accept an average of the last 3 months if there is a lot of variance and assuming you know your work isnt that seasonal, some will ask for a split between assured and likely extras.
Credit cards tend to be more about volume these days so most probably dont go into that level of detail anymore and as long as you can back up what you say with a reasonable logical process and some evidence then you should be fine0
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