can you be self employed and have an IVA

[andrew.b]

can you be self employed and have an IVA

[Oliver]

Absolutely. The exact same rules apply to self employed people who have as much right to propose an IVA than the next person.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[accgroup]

Andrew,

Yes, definately.

IVAs were introduced in 1986 primarily as a "rescue" procedure for the self-employed. It is only in recent years that they have become increasingly popular as a means of helping people with consumer debt problems.

If you are seriously considering an IVA I would strongly recommend that you consult an IP with experience of self-employed cases and that you have a face-to-face meeting with them.

Andrew Wilkinson
Insolvency Practitioner



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[iva_squirrel]

Hi andrew.b

Yes you can. The purpose of an IVA is to help people in serious financial troubles, even the self-employed.

Regards,
Michelle P.

[iva experts]

Hi Andrew and Welcome to the Forum!!

Self-Employed people can definitely enter into an IVA with their creditors; the main difference is that you would have to produce more paperwork to prove your monthly income.

Usually the documentation needed is 3yrs Tax returns submitted to Inland Revenue, last 3yrs Trading Accounts and a 12 month future trading projections. The number of years wanted may change depending on your I.P.


Best Regards. IVA Experts

[ray_a]

Hi Andrew

Everyone has given you the answer.

My only concern is that I run a business and found the cash flow to be tough and that you need to bear this in mind when setting up the proposal.

You need to really consider the cash flow aspect to all this and do you have a good strong cash flow to support this and your other commitments.

What I am saying is do be careful.

I would also look for a smaller IP whio is sympathetic to small self employed businesses.

Unfortunately Insolvency Accountants who supervise the IVA tend to be commercially driven.

I would suggest a chat with someone like Melanie first who understands the whole area of insolvency and the effect it can do to you and your business.

Good Luck

Ray

[Oliver]

Good advice there. Generally IPs will want to see someone be self employed for a minimum of 6 months for this reason exactly.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Good advice from Ray!

Another aspect to remember is that if you are self-employed and entering into an IVA, you are now required to have a face to face meeting with your I.P.

If you can find a smaller, more local company this could be a great benefit to you.

Best Regards. IVA Experts

[Oliver]

New legislation means that Self Employed people must meet the IP (or their representative) but this is actually very beneficial for the client anyway as self employed cases are sometimes more complicated.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva.com]

Hi Andrew,

We have a list of IVA firms and IPs at IVA.com that might help you to find someone local to you. We also list consumer reviews that can help you to choose a firm that is suitable for you.

Good luck and please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - Comparing IVA firms by using consumer feedback.

Please rate your IVA firm or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp