Just started on my IVA

[Fozzy Bear]

Hi everyone , have recently seperated from my wife and was seriously in debt so went on Iva in september 2010 I am currently employed but that is going to end in july . I am a brickie by trade and intend to go back self employed , does anyone know if it is possible to be self employed whilst on an IVA?
Thanks

[Julie]

Hi Fozzy Bear - who is your IP?

[Shining]

Hi and welcome to the forum, I know you can be self-employed when entering an IVA so I assume you can revert from employed to self-employed during an IVA, a call to your IP would be able to give you case specific advice.

[MelanieGiles]

It is definately possible so long as you can see your way to maintaining payments. Is the self-employed work paying as well as on the books?

[Fozzy Bear]

The self employed woork will probably pay more than I am getting paid on the books.

[MelanieGiles]

Good luck with it - I've been self employed for 12 years and can honestly say I would find it difficult to work on a salaried basis again. I doubt anyone would have me either!

[kallis3]

Good luck Fozzy, let us know how you get on.

Mel - I imagine that being self employed for so long would make it hard to take orders from a boss!

[Tina Shortland]

Hi Fozzy, if you have been self employed before you will know all about calculating your net income correctly - this will be key to whether an IVA would still be viable for you and also your income I would imagine would be erratic for a while you set up, unless you are taking existing clients with you.

Speak to your IP as they may be able to alter your payments if it is marginal or suspend your payments if you need a little time to get set up and then add them onto the end. Hopefully you have got a good IP who is experienced in dealing with self employed clients so they can help you through this transition.

Good luck with it.

Regards,

[Fozzy Bear]

The people dealing with my IVA are called Blair Endersby , I originally contacted a company called Baines Ernst think both these companies are linked. The reason I am going self employed is because i am going to made redundant soonfrom my pesent job as a school caretaker. I am a bricklayer by trade an I intend to go back doing that again.

[kallis3]

They are sister companies.

Hopefully BE will pick up on this as they do post on here.

[Fozzy Bear]

Sorry to be a pain , but this is all new to me and have never been in this situation before, have always been solvent and quite comfortable up untill now. But what happens after the five years once you have made all of your payments, are you able to get a mortgage etc or will people look upon you as a bad payer etc?

[kallis3]

You're not a pain, these questions are quite normal ones to ask.

Your IVA will remain on your credit record for six years and then it will automatically drop off. You have to check to make sure there are no defaults registered against your name after the date of IVA approval and then get them removed.

It all helps your record if you have a mobile contract, bank details that are kept up to date and you can try to slowly build up your credit record again.

It may be a few years afterwards that you are able to get a mortgage though.

[Fozzy Bear]

Thanks Kallis 3 . I am fifty years old now , will be 55 by the time I am out of this s--t never be able to own my own house again now. I have worked b***** hard all my life and ended up like this .

[Shining]

I'm 50 next year Fozzy and on an interest only mortgage, I fear I've no way of paying mine off ever and am contemplating selling up and renting when my IVA concludes. xx

[Fozzy Bear]

Theres always light at the end of the tunnel just got to accept what has happened and get on with it its no good me keep whinging thats not gona get me out of it.