After spending hours reading posts on this forum I understand it is more difficult to get an IVA agreed if you are self employed. Both my husband and I are self employed he has been for over 25 years and me just 6 years.
Has anyone had an IVA approved who are self employed
Hi
I wouldn't say that it is harder if you are self employed, it can sometimes be difficult to prove earnings etc but if you work with your IP you should be able to put a good proposal together.
You will also have the chance to have a face to face meeting with your IP
Regards
We have had posters with IVA's who are self employed.
I suggest that you need to speak to a professional. Visit www.iva.com for a list of companies and reviews. You will get free and impartial advice about all the options open to you and the best way forward for your circumstances.
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
We had our Iva approved at 32 p/£...I had to produce my accounts and tax details etc..and had a face to face meeting...which for the life of me I cant actually remember doing it but my hubby assures me the guy came to our house....just shows what stess we were under as it is all a blank now...
we were also passed on to an IP company who specialise in selfemployed...they do post on here...McCambridge Duffy...
each year for annual reviews my hubby produces his wage slips etc and I produce accounts and self assessment records
so far...so good..it isnt impossible...just takes a bit more time and effort and good IP
hope you get it started.....
Last edited by moretolife on Sun Apr 19, 2009 10:04 pm, edited 1 time in total.
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
It is not more difficult to get an IVA accepted for the self-employed, you just need to make sure that you select an IP with experience of this area. Most of us do, and you will need to produce trading accounts and projections to support your income and expenditure.
You will also need to make sure that all tax and VAT returns are submitted, as HMRC will not entertain a proposal where there is a lack of compliance in this regard. Your IP will be able to discuss this fully with you once you have decided who to use, and you will need a face to face meeting with them to comply with their best practice guidelines.
There is absolutely no different from an employed or self employed person doing an IVA. Both can be done under the IVA Protocol. My firm and others do these quite regularly.
You need to have a chat with an IP and give him/her details of all your and your wife's personal and business financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the most appropriate advice and it is free.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
