Hi:my hubby & I have entered into a dmp

[suzie63]

Hi:my hubby & I have entered into a debt management plan but have been advised to consider an IVA,we owe approx £34k in loans & credit cards.
My husband is self employed (driving instructor) and I am worried that if we enter into an IVA he wont be able to trade??

[Shining]

Hi there suzie and welcome to the forum, I do believe that with an IVA and self-employment the only difference is you need a face to face interview with the IP.

Take a look if you want at www.iva.com and speak to 2 or 3 companies for some independant, free and impartial advice.

Are you considering an IVA with the Debt Management Company you're currently with.

All the best and I'm sure a professional will be along very soon to give more specific advice to you.

[suzieq]

Hi Lesley, I dont know where to turn at the moment

I spoke to the debt management company today and they do conider IVA's. I am not familiar with IP's

[kallis3]

Give one or two of the companies on the link that Lesley suggested a call. The advice is free.

I did a DMP with a different company to my IVA with no problems.

Your husband should still be able to trade as a driving instructor.

[Debtwitch]

IVA sounds like an option for you - carry on speaking to your DM company, but also check out recommendations and speak to another expert.

[Michael Peoples]

IVAs were designed for the self employed and if your current DMP company does not offer an IVA facility you should go elsewhere. It is vital that you receive all your options before you decide which one is best. Contact an IP firm as the advice is free but make sure you speak to someone experienced with the self employed.

[MelanieGiles]

I deal with a lot of driving instructors, and most are finding it very tight at the moment in a very competitive marketplace. Do make sure that you consider all of the options carefully before leaping into the first solution offered to you.

As your husband is self-employed you will need to have a face to face meeting with your chosed insolvency practitioner.

[Shining]

All good advice as ever above and hope you find the solution you're looking for. I would definitely speak to several at least 2 or 3 companies and find the one to act for you whom you feel comfortable with. All the best x

[suzieq]

Thank you all for the advice, I have started checking out a numer of companies,

I now feel as if we have made a big mistake entering into a debt management plan and I have been ill advised on a number of things, I was told on a number of occassions that my husband would still be able to continue to renew his car every 18 months which is vital for his business (obviously!!)so he is able to earn to pay off the debt but we have found out today that that is not so...sleepless nights ahead again,

[kallis3]

Sounds to me as though he may have been given some duff advice.

Either visit www.iva.com or the experts who post on here, their details can be found under the experts link on the left hand side of the page.

It won't hurt him to ring, and he may be able to sort something out. The advice will be free and impartial.

[suzieq]

I've just spent a couple of hours completing the IVA form on IVA.com and have been advised that the IVA had not been accepted and I need to talk to an IP...I am now really worried that I am running out of options,panic is setting in!!!!

[kallis3]

Don't rely on what it says on the form. Give one or two of the companies a ring. It's best to discuss it on the phone.