I am currently two years through my IVA, no problems thus far but are to be made redundant in September.
My occupation is that of a Financial Adviser and has been for 16 yrs.
Approx. 50K of debt went into IVA and I pay £300 per month back, my redundancy will be approx £35K.
I want to start my own business and become an IFA, for this I would need to buy a car (currently company car) and set up costs of business along with salary coverage for a period of time. I have read I may be able to keep six months salary to help me but do not feel this is enough to start ones own business. I have contacted my IVA firm and they are referring it to the IP - I cannot speak to the IP personally (is this common practice)? Am I able to negotiate with them?
Second problem - if I get another job what happens to the redundancy, do I lose the lot. The IVA payment of £300 represents about 10% of my income and I am worried longer term re bankruptcy.
This would require a variation and I see no reason why creditors would not accept a lump sum as a full and final settlement and leave you enough money to start your own business. We have done this many times and creditors are usually sympathetic. You may not need to speak to your IP as this is quite common but you should be able to speak to him if you wish.
I agree with Michael that your proposition seems reasonable, but your IP will probably want to see a business plan with trading projections to see how you feel your business can grow and how quickly it is targeted to provide you with a replacement income.
