Hi iam selfemployed i pay 20% on all monies earnt. I owe vat, paye, credit card, bank about 70k i want to gointo a iva but i dont want my wife involed,we have a debit card and loan in joint names can i have her name taken of the card.Also my name taken of the loan as she has allways paid the loan from her account. before i apply for a iva to be set up. I also have a buisness account and a card for purchases ie fuel and materials.Ineed a card to opperate my buisness. can i open another buisness account with a different bank or do i have to open an account with no overdraft etc. My wages vary from month to month as do my fuel and material bills how will this affect my chance of being approved for a iva and agreeing a monthly payment. Need help please
Hi sean and welcome to the forum. I would get some case specific advice from an IP, they are non-judgemental and will give you exact advice specific to you. A good place to start to look for an IP is www.iva.com for a list of companies, the advice should be free and I'm sure there will be a solution for you.
We do have professional posters who will reply to this thread in due course today I'm sure too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi and welcome
You may find it difficult to remove one person from a joint debt. Both of these debts will go into your IVA and as long as your wife continues to pay them each month then she should not be affected by your IVA.
As Lesley states speak to several companies/experts and explore all your options
Good luck
Regards
If your wife is content to continue paying for the joint debts, she will not be affected by your IVA. If you are going to propose an IVA to your creditors, you would be very wise to open a new bank account with a non-creditor bank as a matter of priority.
Get some professional advise as to the options which are available to you, so that you can make an informed decision about the future before those debts get any bigger.
You should ensure that all your returns are submitted as this is a requirement of HMRC before they consider supporting an IVA. In addition, it will show how much is actually owed to HMRC taking into account any CIS rebate you may receive.
It is essential to open a new account if there are debts to your current bank and if you do it now you may be able to get an account with reasonable facilities. If your debts are effectively removed there should be no need for an overdraft but if you do require short term borrowings over the course of the month you will have to discuss this with your IP beforehand.
Your monthly payment would be based on your profits over the year and the payments can be structured depending on cash flow. Speak to an IP firm for some free advice and make sure whoever you speak to hasd experience of self employed IVA cases.
