Help please

[MelanieGiles]

IVAs are not easy to discuss on forums or over the telephone, and as a self-employed businesswoman you do need to have a face to face meeting with an IP experienced in dealing with self-employed cases - as many of the larger firms do not really deal with this type of case.

How much do you owe to creditors in total, do you own any assets and how much disposable income do you feel you would have each month to make an offer to creditors with?

[fedup and broke]

Total debt is £47500 to which I make payment around £1150 per months, my outstanding mortgage is £181000 the house is worth about £195000 however could be less. As I only take home £1000 per month I am struggling to make payments. The company I spoke to today advise I was eligable and that my payment would reduce to £242 per month then when HP on my car is cleared this payment would be added to the IVA. They also advised it would not affect my business account.

[MelanieGiles]

Which firm are advising you as a matter of interest, as I find it alarming that they have told you that the IVA will not affect your business account.

An IVA definately looks possible, but a good IP would want far more information before advising you on that and other options.

[fedup and broke]

I think they said they were called MDC - I completed a form on trapped.co.uk and this company called me this morning. She said if the business account was in a business name rather than my name it would not be taking into account?

They have asked me to send them all the details tomorrow by fax but am now insure whether to or not.

[MelanieGiles]

That is very bad advice and I have never heard of this company. This company are not insolvency practitioners but firms who work to find cases for insolvency practitioners - and usually the bulk standard consumer debt ones. You do need to take specialist advice from a firm used to dealing with self-employed cases.

[fedup and broke]

Thanks- back to the drawing board. Can you advise of firms that deal with this type of case?

[MelanieGiles]

As I cannot promote my own firm it is better that I remain silent on that point - but you might like to have a look at the comparison web-ste www.iva.com to see reviews on all insolvency practitioners in the UK.

[fedup and broke]

Thanks melanie - hopefully I can try and sort this out asap.