Irregular Overtime

broke-in-norfolk

Hi all,

Apologies if this is a bit of a newbie question.

I'm looking at either an IVA or a DMP and I'm wondering how these work with a variable income. I've been told to work the budget out using my basic income (obviously sensible) however I have a fairly irregular working pattern that can mean I can sometimes bring in an extra £300-£500 per month but his is not guaranteed.

Can I allocate this extra income as i wish? For example, if I dont need the money for anything else can I make over payments? or on the flip side if the car went wrong can I use that money towards that?

Thanks
Matt

sourcrates

Hi,
Depends on which debt solution you choose really.
An IVA is a formal regulated arrangement, where you have to stick to a strict budget, and your income and expenditure are checked on a yearly basis.

Wearas a DMP is an informal arrangement between you and your creditors, where your income and expenditure, to a large degree, is your business, and your business alone.

So different advice would apply depending on which option you choose.

dumpyboy

Hi I had the same 8 months of the year earn a lot of overtime the other 4 flat time when I started with a dmp company they worked a budget to stick to and did not allow over paying, went self manage nearly five years ago then overpaid some cleared some worked a lot better when I was in my own