Can I continue with work at home startup if we do an IVA ?

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Jennifer.n

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Post by Jennifer.n » Mon Aug 15, 2016 7:09 am
We are looking at applying for an IVA as we have debts over 35000 and are struggling to pay. I have recently just started a work from home network marketing business but as of yet is not bringing in much money, around 20-30 a month. Can I still continue with this if we do the IVA
 
 

kallis3

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Post by kallis3 » Mon Aug 15, 2016 8:20 am
Hi and welcome,

Don't see any reason why not but it's something to be discussed with a prospective IP.

Speak to one or two companies. Vincent Bond (details under ask experts a question link on the left hand side of the page) will give you some free advice if you give them a call.
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
 
 

Foggy

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Post by Foggy » Mon Aug 15, 2016 9:50 am
When we were in our IVA's we ran a home based internet business and agreed with our IP to simply divide that income (treated as extra income) three ways each month: A third for HMRC, a third for the IVA and a third for us. It worked well and everyone knew what was happening from the start. Keeping your IP in the loop is key.
Last edited by Foggy on Mon Aug 15, 2016 9:50 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Aug 15, 2016 10:46 am
If you don't have sufficient income to pay towards an IVA and your debts then an IVA won't be viable.

How much are your debts? How many creditors do you have? Do you have any other assets, such as property?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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