www.iva.co.uk

can you go self employed once you have began an IVA. I am at present in full time employment and have started an IVA but am considering going self employed in the New Year. Many thanks

Hi Suzanne and welcome.
There is nothing to stop you going self employed or switching jobs during an IVA. However, you would need to notify your supervisor and show a business plan or projections as your income and expenditure would almost certainly change.

Is your current job under threat or do you believe that self employment would lead to increased earnings?

Hi Suzanne and welcome from me too.

Apart from what Michael has said, you will also need to consider how you are going to fund your new business, while you are setting it up.

If you are considering starting up your own business, you should talk to the Supervisor of your IVA who will be able to advise you on how it will affect your IVA. As Michael says, he will want to see your business plan.

What do you currently do for a living, Suzanne, and what sort of business are you thinking of setting up?

Hi
Also will you need a business account ?
Very hard to come by if you are in an IVA
Regards

Nothing to stop you using your current personal account though and keep proper records of what is business and what is personal expenditure.

You must have agreement from your Supervisor (IP) though as it might impact on the terms of your existing IVA