www.iva.co.uk

Hello,
I have finally had to accept that I cannot maintain my debt and this month sees it all go belly up. Today I answered a call from sterling green, a debt solvency co, who make it sound all so easy. I am scared to jump on, as I feel it will make life worse in the long term, is that true?
I am a dentist, self employed, but donnot have my own buisness. I had to support my family through hard times over the past 12 yrs and thought I could manage, I am a dentist after all(!), the more I work the more I earn...but not so. I also went back to school and the MSc cost 80,000 and now I am really struggling. Should I opt for this route? If so will I ever be able to set up my own practice? Please help!
Thank you

The best thing to do is talk to an insolvency pratitioner. www.iva.com has a list of IP's and feedback from users. There are also a couple who post on this site and would be very willing to help advise you.

I know that these are quite dark days but once you speak to someone the sooner you will see a clear way forward through the fog.

Hi Sanj
Have a look around and speak to several companies before deciding.
Regards

You can definately propose an IVA when you are a practicing dentist, but if my memory serves me correctly you cannot operate in practice if you are bankrupt. Best to check this with your own regulatory body.

An IVA is a very powerful mechanism. It is extremely useful as a means of providing the self employed with a means of avoiding bankruptcy and giving them the potential for recovery. That was precisely the purpose of IVAs when they were introduced in 1986.

Can I respectfully suggest that as you are self-employed your IVA will not entirely be straightforward, The regulators will require the IP to meet you, to meet best practice standards, you will be required to produce accounts and forecasts before your proposal can be drafted. As a result, beware of anyone who makes it sound easy - it is not. I suspect the HMRC may also be one of your creditors. If they are, they will have special considerations all of their own.

The success and viability of your proposal will be directly proportionate to the amount of time effort and thought that goes into the it's preparation . You are unlikely to get that from a call-centre or from some guy the IVA firm sends round to "sign you up" and then puts you through a sausage-machine.

You need to speak to (and actually meet) the people who will be handling your case, before you even agree to formally instruct them. You should also expect to visit the IPs office where you can then confidentially discuss your financial position. For that reason it will probably be wise for you to limit the geographical area of your search, unless you wind up talking to someone who seems worth the effort of travelling. If the IP firm is prepared to act for you without a formal advisory meeting, then they are cutting corners, and I seriously advise you to look elsewhere.