Will I be able to set up a business and apply for grants, loans, accounts in an IVA ?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

Leeds72

User avatar
Posts: 1
Joined: Mon Oct 17, 2016 10:22 pm

Post by Leeds72 » Mon Oct 17, 2016 10:22 pm
I am in the process of setting up an IVA with finance4me. Will this effect my ability to start a business and apply for business grants/loans/accounts in the next 3 years?
 
 

walesdave

User avatar
Posts: 11
Joined: Fri Jul 15, 2016 5:58 pm
Location: United Kingdom

Post by walesdave » Tue Oct 18, 2016 12:55 am
Short answer....yes to grants and business accounts but probably not loans. Barclays set up business current and savings accounts for me....with the only proviso being no credit facilities.
IVA and starting a business is by no means impossible (there's no HMRC or companies house impact) it just takes a bit more work.
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue Oct 18, 2016 9:16 am
You can certainly start a business and your IP may sanction borrowing if you can source it but you need to be aware of any pitfalls. If your current firm cannot answer these questions for you ask to speak with their IP. It is possible this company is not an insolvency firm and acts as an introducer so sometimes it is better to go directly to an IP.

You should certainly get a second opinion as you do not appear to be as clear on the process as you should be.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Oct 18, 2016 11:19 am
Must admit that I have never heard of this company.

As Michael says, speak to one or two companies.

Vincent Bond (details under ask experts a question link on the left hand side of the page)can be contacted for some free advice.
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
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Oct 18, 2016 11:24 am
I cannot find a website for this company and there is nobody listed as an IP on the companies page and their facebook page is not the best.
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
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”