do i qualify for an iva

[m.t]

Hello i am in debt obviously and am considering an iva but i am 57yrs old and am self employed,i have been self employed for 6 mths,and live in rented premises do i still qualify

[finebridge]

Hi m.t

You can certainly consider an IVA as one of your options. Being self employed or your age will not affect entering into such an arrangement, although there are other factors that would i.e. how much debt do you have? How much surplus income do you have and whether another option like a debt management plan may be better for yourself and your creditors.

Please post some further information back or contact one of the experts to discuss in further detail.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[MelanieGiles]

Hi mt

As you have only been self-employed for 6 months, your advisor will need to see accounts for that period drawn up, and some trading projections to ensure that your income is certain if you are looking to propose an IVA. What type of business are you in?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[m.t]

Hi my debt is £20,000,i sell products to farmers but its early days i make enough to live and pay my bills,i try to pay some debts every month but the ones i dont, i get bombarded from call centers,when i mention IVA the debtors talk round it advising me not to do it HELP PLEASE

Hi m.t

You can certainly consider an IVA as one of your options. Being self employed or your age will not affect entering into such an arrangement, although there are other factors that would i.e. how much debt do you have? How much surplus income do you have and whether another option like a debt management plan may be better for yourself and your creditors.

Please post some further information back or contact one of the experts to discuss in further detail.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[MelanieGiles]

Hi mt

Ok so your debts are not huget - but they are unmanageable and you feel that you are getting nowhere with regard to the repayments. You will need to sit down and work out your household budget, by firstly assessing the income available to draw from the business (taking account of your need to pay income tax), and any other family income you might have, against the expenditure you and your family generally incur. Do not include any debt repayments in these figures. This will then provide you with a disposble income figure. Can you post that onto the forum so I can advise you further, and let us know who your debts are with.

I have a form on my website which might help you with this, and do make sure that you provide for contingencies such as car maintenance and medical expenses, as well as some provision for miscellaneous expenditure.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[m.t]

Hi Melanie i will fill out your form my debt is all credit card but i have an overdraft facility with Barclays currently at £4750.00 i need this facility to run my business do i include this in my total debt,or can i keep the facility or do i loose this m.t

Hi mt

Ok so your debts are not huget - but they are unmanageable and you feel that you are getting nowhere with regard to the repayments. You will need to sit down and work out your household budget, by firstly assessing the income available to draw from the business (taking account of your need to pay income tax), and any other family income you might have, against the expenditure you and your family generally incur. Do not include any debt repayments in these figures. This will then provide you with a disposble income figure. Can you post that onto the forum so I can advise you further, and let us know who your debts are with.

I have a form on my website which might help you with this, and do make sure that you provide for contingencies such as car maintenance and medical expenses, as well as some provision for miscellaneous expenditure.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[m.t]

Hi also i live alone no familt. m.t

Hi Melanie i will fill out your form my debt is all credit card but i have an overdraft facility with Barclays currently at £4750.00 i need this facility to run my business do i include this in my total debt,or can i keep the facility or do i loose this m.t

Hi mt

Ok so your debts are not huget - but they are unmanageable and you feel that you are getting nowhere with regard to the repayments. You will need to sit down and work out your household budget, by firstly assessing the income available to draw from the business (taking account of your need to pay income tax), and any other family income you might have, against the expenditure you and your family generally incur. Do not include any debt repayments in these figures. This will then provide you with a disposble income figure. Can you post that onto the forum so I can advise you further, and let us know who your debts are with.

I have a form on my website which might help you with this, and do make sure that you provide for contingencies such as car maintenance and medical expenses, as well as some provision for miscellaneous expenditure.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk