SOA with variable income

KellyMM

Hello

I have recently started working, 4 months into BR. I am paid per hour and sometimes work doesn't happen so my income is very different each month. What figure should I use when I am asked to submit my new I&E?

Example: My first month of work I will make £930 which is about the highest I can ever expect to receive in a single month. In December I will make £560 (due to Christmas holidays) which is a big difference.

My expenses are £860 per month on average.

ALSO - How often will the OR ask for bank statements, if at all? So far I have heard nothing from them since May when I went BR and I have been unemployed.

sourcrates

Just work out your average pay using the lowest figures, because any more is not guaranteed.

KellyMM

Thanks. As I am just starting this job (first pay day in 2 weeks) shall I use projected figures?

Steven_from_scotland

You are better of calling the or, that way you know exactly what will be happening, you really don't want to be earning more than your outgoings as you can then enter into an IPA and be liable to make make 3 years worth of payments to them

National_Debtline

Hi KellyMM,


If are due your first payslip in a couple of days you are going to struggle to take an average as there are no other payslips to average it against. I would agree that it is worth speaking to your OR and explaining to them that the income is unlikely to be regular and give them your estimated earnings as you understand them.


What happens next will be up to the OR. They may ask you to send payslips/ bank statements until the situation is more predictable and go from there. It is important to report any changes to the OR and the IPA will be amended accordingly. Good luck,


Laura
@natdebtline