self employed for the last 15yrs. managed various debts inc CC's, unsecured loan, mortgage until approx 8mths ago. new business venture as sole trader caused increased debts [mainly utilities/non dom rates]. Equity in home but problems meeting mortgage at present, but transferable skills means i can generate a PAYE income in addition to business. Question is can i do an IVA and include original debts [c30k], plus debts which are business linked [c7k]? I have managed to draw a line with non dom rates and put future non dom rates bills into LTD co name but elec and gas are not letting me do this.
One of our experts will be along soon to advise accordingly. You can also check www.iva.com for a list of companies and find some experts in self-employment IVA's and discuss in full your circumstances and they will advise on the best debbt solution for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If all of the debts are in your name - which by trading as a sole trader it would appear that they are, then they should al be included within an IVA. You will also need to include any tax liability that may have derived from your period of trading.
thank you all for quick replies. i wasnt sure if i could include utility bills from a business, so this information helps.
with an IVA can i still move forward as Director of a ltd company?
finally i have equity and would consider selling my house to make this all go away, but having fought a very messy divorce 15yrs ago to keep a roof over my head for my daughter feel sad to lose this last bit of security... she is now 20 and at uni and is aware of this possible IVA.
so glad i found this site to get information.
this site seems to have many reputable advisors; so not sure if i can ask this but are members allowed to 'suggest' a good company - or if thats not allowed; say who to avoid; if only due to fees etc.
I'm personally with Melanie Giles and can recommend a chat with them. IP's aren't allowed to recommend themselves but word of mouth from us in an IVA is always good advice to take.
The site is a godsend to many and do keep posting and asking anything you want, we always try to help.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We have an office in Wigan if that helps - and I spend at least one day a month in Manchester personally, so never difficult to arrange meetings. If you are no longer self-employed, then a face to face meeting is not essential, but I would always recommend them as both sides derive immense benefit from these chats.
thank you melanie. i can manage Wigan [manchester at a push!]
can a F&F settlement be offered without the need for a full IVA agreement?
i am still self employment but limited income; hence the possibility of looking for paye work. also, can i still retain directorship of a ltd co; to move the main business forward?
You can definately offer a full and final settlement directly to creditors, but often the benefits afforded by doing this through an IVA can be beneficial - particularly if you are needing to sell an asset to be able to effect the settlement.
You can definately remain as a director of your limited company, so long as the Articles of Association allow for this. If they don't, a simple board resolution will sort this out.
Hi Tangerine333 hopefully the replies so far have given you confidence that you can certainly look at an IVa as way to sort out your debts once and for all and be able to move forward in the direction that you want.
As you will see from your research finding the right company to work with is key so hopefully you have had some good recommendations to ensure you have the best chance of success.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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