I am self employed

3 posts Page 1 of 1
Post Reply
 
 

andrew_

User avatar
Posts: 1
Joined: Sun Jan 14, 2007 8:20 am
Location:
Post by andrew_ » Sun Jan 14, 2007 8:21 am
Quote
I am self employed , would I still be able to apply for an IVA ?
Top
 
 

DebtDummy

User avatar
Posts: 382
Joined: Tue Jan 09, 2007 1:05 pm
Location: United Kingdom
Post by DebtDummy » Sun Jan 14, 2007 8:42 am
Quote
Yes, you can as they were created for the business community to get a fresh start. Someone will be along soon to explain the different business owner status,i,e., sole trader,etc. Very helpful folks here. Feel free to ask any questions relating to IVAs. Goodness knows I do.

Good luck!

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Sun Jan 14, 2007 9:14 am
Quote
Hi Andrew

The fact that you are self-employed makes absolutely no difference to your ability to propose an IVA. There are some key things, though, that your insolvency practitioner will need to see:-

1) Your most recent trading accounts
2) Some trading projections for the next year.
3) Details of any monies owing to HMRC (the old Inland Revenue and VAT office)

With most self-employed clients, whilst I like to see regular monthly contributions coming into the IVA, there has to be a little leeway for peaks and troughs of trading. Tell your IP that you want your payments to be calculated on a quarterly basis, so that you ensure that you have enough contingency to cover poor trading months.

Good luck and don't forget to post here if you need any further advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
3 posts Page 1 of 1
Return to “IVA postbag for january”