Bussinesses, breweries debt & divorce..Happy New !

[Trixmar]

Hi there. In very eraly stages of considering an IVA. Looks the way to go right now. My question is....£25k of the total £65k debt is by way of a brewery loan. Its one where we don't pay anything back in cash and the amount is repayed by the way of so much a barrel that we buy from them each week. Hope that makes sense! I know that breweries are quite stubborn when it comes to financial stuff, and I wondered whether they could make a possible IVA awkward?
Thanks for your help.
[;)]

[MelanieGiles]

Hi there and welcome to the forum

You will need to discuss your financial situation with the brewery in order to ascertain their position, however they ought to be supportive to you if you remain a viable commerical entity.

They do, however, represent over 25% of your overall debt, so you would need to get them on board if your were thinking of proposing an VA,

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Trixmar]

Hi
Thanks for your answer.
The brewery loan would need to be part of the IVA as its the business which has caused the debt problem. The debt is actually £55k, sorry.

Also, partly because of the pressures of the business failing and subsequent debt, my wife and I are seperating
We are still living together as its not financially possible for either of us to move out. Would an IVA be tailored to take into account that once it is in place one of us would then need to acquire somewhere else to live?

Thanks in advance

[MelanieGiles]

IVA's start as blank pieces of paper which are then tailored to suit your individual circumstances, so the answer is yes but you will need to gather together your costings for the new new rented accomodation.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Trixmar]

Thankyou

What is the minimum amount per month that is acceptable to pay on an IVA? If it is, say £200, would that mean my wife and I would split that amount to be paid on us living apart? If so, what happens if one party earns a lot more than the other? Does the IP decide the amount paid by each party, do you agree between yourselves as 'a couple', or is it uust split down the middle anyway?

[MelanieGiles]

Most IP would be reluctant to go any lower than £300 for a self-employed case to be honest, but it also depends upon who much you owe. If one party earns more than the other, their payments would be proportionately higher - and your IP will help you to calculate this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Trixmar]

We will both be in full time employment and the business will have closed down by the time we apply for an IVA. Does that change things at all?

Thanks again for your speedy help and advice.

[Soulgrowth]

Trixmar ... I just wanted to say good luck ... much of my debts situation was caused through a failed business so i can undersatnd where you are coming from [:(]

I hope that 2008 brings you a brighter future.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[Trixmar]

Thankyou so much Debbie[:)]

To be honest, the failire of the business and subsequent debt doesn't come close to the anguish caused by the breakdown of my marriage.[:(]

I think 2008 is going to start in a similar way, but hopefully improve over the months.

All the best for the New Year and thanks again for your kind words[:)]

[Soulgrowth]

Exactly! It's only money [:(] ... people (and families) are much more important [:(]

Is there any chance that by addressing the debt situation it might take some of the pressure off your marriage ... fresh starts all round ...?

Debbie ... ever the optomist

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[Trixmar]

You're right. Its certainly put things into perspective.
I'm also an optimist. However, its my wife thats pursuing the seperation so it would be down to her having a change of heart.
This could happen some time in the future (thats the optimist in me!) but, at the moment, chances look slim.

We're working together to do the best we can for each other and the kids. When its all blown over and things have calmed down you never know.

I hope things have worked out well for you since your business troubles. Its not easy these days. I'm not ashamed of what happened to the business. Just wished we'd spent the money on a villa or something instead! [;)]

[MelanieGiles]

The fact that you will both shortly be employed will make no difference to the IVAs, but as you have now separated it would be better if you could propose completely separate arrangements for the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Trixmar]

Thanks Melanie
I actually meant would we be regarded as employees or still as self employed?

[MelanieGiles]

Employees

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[emma_t]

Hi trixmar

I just wanted to wish you well and hope once you have found a suitable solution for your debt, the marriage has a chance of survival. I think having a business and working together also puts a strain on even the strongest of marriages.[:(]
I presume yours is a pub aswell which must be such hard work and long hours.
I wish you well and hope that 2008 whatever it holds for you will be happy.[:)]
Happy New Year
Emma x