can you go self employed once you have began an IVA. I am at present in full time employment and have started an IVA but am considering going self employed in the New Year. Many thanks
Hi Suzanne and welcome.
There is nothing to stop you going self employed or switching jobs during an IVA. However, you would need to notify your supervisor and show a business plan or projections as your income and expenditure would almost certainly change.
Is your current job under threat or do you believe that self employment would lead to increased earnings?
Apart from what Michael has said, you will also need to consider how you are going to fund your new business, while you are setting it up.
If you are considering starting up your own business, you should talk to the Supervisor of your IVA who will be able to advise you on how it will affect your IVA. As Michael says, he will want to see your business plan.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Nothing to stop you using your current personal account though and keep proper records of what is business and what is personal expenditure.
You must have agreement from your Supervisor (IP) though as it might impact on the terms of your existing IVA
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
