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OK - Complicated I think, but maybe not to you. I''ve debts of around £60k (6 or 7 creditors) with my wife. I am a director of two ltd. companies but I''m about to shut one of them and the other will not generate profit or pay me anything for about 12 months. In the meantime I have secured consultancy work that will pay me about £4000 gross per month and is guaranteed for the next 6 months minimum. Combined with my wife''s salary from her part time job we have a combined net income of approx £3665 and expenses having included everything I can think of around £3200. I reckon I have about £400.00 to pay into an IVA therefore...does this seem sensible/possible in principle? I'm worried the uncertainty about my status may prove a barrier

Hi Rich,
Welcome to the forum and one of the experts will be along soon to help. My advice would be to post as much detail as you can - all aout the debts, how many creditors, what you plan to do with the companies and what assets you have. If you can give more detail they will e able to give more constructive advice.
Best wishes.
Chardonnay

Hi Rich and welcome to the forum.

The best thing to do is to speak to an insolvency practitioner. Initial advice doesnt cost anything other than a phone call.

You can get reviews of Ip's in your area on iva.com. Melanie and Ian are Ip's thaty post on the forum and they come welll recommended.
also Andy our site manager will give great advice. So there is a start for you.

All the best, and keep posting as to how hings are going.

Ang

Hi
The figure of approx £400 works but it's just the uncertainty,however if you are confident that the new Ltd compant will produce a reasonable income,the 4k a month,then it may be possible for your IVA to be written to allow a six month break in the first year,if needed.
Do you have much equity ?
Regards

The viability of an IVA does not just hinge on the amount that you can afford to pay, but on a number of factors.

I'm assuming that you are going to do the consultancy work outside of the limited companies - is this correct? And as an IP in practice, I would be nervous if you were only able to project the next six months earnings with certainty.

Your case is a little complex, so a chat directly with an insolvency practitioner specialising in self-employed cases might be a good start to getting this issue boxed away.