www.iva.co.uk

I owe about 60K in credit cards due to bad problems I got myself with gambling. I already have a bad credit rating as I missed some payments. I am ni contacgt with an agency who is about to start the IVA process with me. However, there is one question I would like to ask you please. I normally work as a contractor for engineering firms. If I start the IVA will I be able to set up limited companies and myself as a director? If not will I be able to approach umbrella companies to do it for me? Many thanks Any help would be appreciated

Hi and welcome to the forum.

Not sure about the companies aspect of things, I would speak to your prospective IP about it or hopefully one of our experts can come on and advise.

Which company are you with? You should take advice from one or two before committing. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.

Hi yani.ga

Your IVA will have no impact on your ability to incorporate and trade as a limited company. If you have an existing company framework in place you can continue exactly as you have previously. You can even obtain credit in the company name during the term of the IVA if necessary, although be wary of offering personal guarantees as this may be an issue later down the line.

As it sounds as though you are already self employed, you will have to have a face to face meeting with your IP before the IVA is sorted. Make sure that the company you choose is well versed in dealing with the self employed.

There should be no issue in you setting up a limited company - I question the need for several if this is just for you to earn your contracting income however. Why do you need more than one?

To MelanieGiles

Sorry typed too fast, a bit of grenglish translation going on as well..., I meant one company only. I have never set one up, normally I was an engineer as permanent post, but the next contract I was thinking to set up a ltd company or go to an umbrella company. I was not sure if I can do either. So many thanks for your reply. It has been a difficult period for me, and now start getting my self in order. Last question please if thats OK: The company I went to who they will chase the IVA for me, suggested an IVA, however I had heard it is also possible to agree very small payments with the creditors where I will not loose the house I am renting (had to rent as my new job is in a new place) and will not register as IVA. Is that possible? But on the other hand with IVA after 5 years most debts could be written off... Then again why am I so intersted in the house when the house is worth 85k, the first mortgage on it is for 85 k and some dodgy company (EPF) agreed for a second mortgage of 40K on top of my first one when the house was only worth 85 k anyway... I know my fault for aplying for it, but I am sure in my bad desperate case others would have as well... oh well a big lesson for me in the future...

Thanks for your time