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philtam
Starting Member
United Kingdom
28 Posts |
 Posted - 25 May 2009 : 12:37:32
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| I am soon to go through the route of BR and have been reading the wonderful advice that everyone has given. My query is - My income is £890.00 but briefly working out my expenses based on the standard amounts others have given I will have far more going out than coming in. I can make this balance by cutting out lots of basic things like clothes, holiday and lowering food bill. Some months my wages vary due to lots of overtime as I currently work 2 days each week. If I have to inform the OR of differences in my wages each month then for eg can I phone and say I have £200.00 extra this month but I have not put down for holidays, clothes etc so would I be able to alter these expenses each month. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 25 May 2009 : 13:24:21
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| If the overtime is fairly regular then the OR may treat you the same as people who are self employed who earn differing amounts each month. I think what normally happens is that the average wage over a 3 month period is taken and the I&E is worked out according to that. You will need to provide the OR your wage slips for the last 3 months so work out the average and then work out your I&E from that amount. You can mention that you have done this to the OR during the interview just so they understand where you get the income from. |
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philtam
Starting Member
United Kingdom
28 Posts |
Posted - 25 May 2009 : 14:14:09
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Thank you so much for your reply.
Sorry but I have another question. I am sure there will be many more. My telephone, internet, car insurance goes through my partners business account as he need these for his business. Should I not list these on my form but only on his form. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 25 May 2009 : 14:36:14
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Yes, just put these on his form. There shouldn't be any problems with the expenditure of these are they are required for the business.
Don't worry about making mistakes on the form as the OR will go through it with each of you during the interview and changes can be made then.
Feel free to ask any more questions that you have. |
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philtam
Starting Member
United Kingdom
28 Posts |
Posted - 25 May 2009 : 18:25:57
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| Another question - sorry. Would I have to balance my incoming and outgoings or could I put down all expenses and say during my interview that I would have to cut back each month unless I have overtime. e.g incoming 850 outgoing 1100 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 25 May 2009 : 18:36:34
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The I&E should be your I&E based on your current income so you should balance your incomings/outgoings. If your income changes in the future you would need to contact the OR and could then complete a new I&E. So if your income was £890 and, after all of your rent, utility bills, etc., you could only have £150 for food then put this amount. If you income increases to £1000 then you could increase the food to £200 and put extra amounts for clothes, etc.
If you are living with someone then you can have more outgoings than incomings and the other person can make a contribution to make up the deficit but you should put this amount on the I&E.
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Income and Expend
