iva for self employed and working part time ?

[peter.c]

CAN U HAVE A IVA IF SELF EMPLOYED AND EMPLOYED DOING A PART TIME JOB

[Viki.W]

Hey peter, welcome to the forum. IVAs were originally for self employed people so that's not a problem. Do you mean that you are self employed with a wage and working part time elsewhere? Can you post a few more details and an expert can advise you. Viki X

[pbeck]

You can have an IVA in your situation, both incomes will be taken into account when doing your budget to see what you can afford to pay into the IVA.

For the employed part your payslips will be taken as an indication of your net income.

For the self-employed part of your income you will need to work out how much your annual profit is AFTER allowing for self-employed tax/class 4 NI provision. Whoever you choose as an IVA provider ought to be able to help you with budgeting for this particularly if your earnings are irregular or seasonal.

[peter.c]

ok thank you, well am self employed working for some one on a wage just paying own NI and part time job is monthly pay from a local govement job. Am with a debt company who told me as self employed could not have IVA thank you peter

[abc]

I specialise on proposing IVAs for self employed people, these tend to involve a little more work as a cash flow forecast will need to be prepared for your self employed work to demonstrate how much you earn each month, this amount after a provision for tax and NI is used in your personal income and expenditure.

Depending on the business, your contributions may need to change during the year.

[MelanieGiles]

That is dreadful advice from your debt management company - and if they hold a consumer credit licence then they might want to start thinking about the quality of advice they are giving out.

If you are going to consider proposing an IVA, which gives you the benefit of ongoing interest charges ceasing and a known exit point, you will need to have a face to face meeting with the insolvency practitioner you choose to represent you.

How much do you owe to creditors and how much are you currently paying into your debt management plan?