I'm in an iva jointly with my wife. Since being in this arrangement I have gone self employed as a sole trader. Can the IVA investigate my business account and take money out of the business account?
The IVA cannot take money out of the business account but they may want to see statements when it comes to review time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
An IP may wish to see the books so to speak, but as Kallis says, won't be able to withdraw money from this, however, may request extra monies at review time if applicable.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
As said they have no access to withdraw funds from the business account, but, as this is a source of income, they are duty bound to check it out. They will only want to see funds building up in the account which are required for the running of the business ... any surplus would be expected to be paid to creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In my time in an IVA I had a ltd company. A most useful tool as it's a separate entity at arms length from the IVA
and can make your time a little easier.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.