www.iva.co.uk

Hi,

I'm actually not quite sure what to write as just got to the situation where I think I've got to go an IVA route.

The majority of my debt will be with the HMRC as I was sole trader Ltd Co. Will they be considerate to an IVA ?

My biggest concern is my house. Obviosuly don't want to lose that as that is all I've got apart from wife and children.

I'm not sure which way to turn and constantly near crying (yes I am a man!) and sleepless nights.

Any help or recomendations on which IP to use would be extremely grateful so I can try and get the ball rolling if they think it's possible with the HMRC.

Many thanks.

How much do you owe and what equity is in the house?

Paul

Hi and welcome to the forum.

Sorry to hear of your problems, you do need to sort something asap as HMRC do tend to go down the bankruptcy route if you don't!

Visit www.iva.com which is a comparison site with a list of companies and reviews. Give one or two a ring for some free advice. Alternatively, click on the 'Ask a Question' link on the left hand side of the page and contact one of the experts who post on here.

I haven't worked it out yet (going to start that this weekend as working away at the moment). I'd say close to the £50k mark overall including credit cards etc and about the same equity in the house. Though I doubt I'd get approved for a re-mortgage.

It is highly unlikely that you would be able to remortgage and it sounds as though an IVA could be a viable proposition. Speak to an expert though and they will go through everything with you.

Thanks everybody. This is killing me.

Anybody got any recommendations on who to use ?

Hi Animal and welcome to the forum... with regards to which IP to use, I would do as Kallis says and check out www.iva.com also check out some of the posts on this site as some IP's come highly recommended. Don't think we are allowed to point you in the direction of just one, but a few on here use Melanie Giles, Vincent Bond, Payplan, Debt Free Direct.. could go on and on. The best advice I can give is to chat to maybe 2 or 3 and see who you feel most comfortable with. You could be in this for 5-6 years so you need to be comfortable with your choice. Don't worry (easier said than done, I know) but just be spurred on by the thought that you could eventually be debt free.

Hi Animal and a warm welcome to the forum. Just wanted to say, you are not alone, we have all been where you are now in our own way, and know what you are going through but there will be answers and a solution for you, so hang in there and know someone is always here to help x

Welcome to the forum Anial - sorry to read about your sleepless nights and state of upset - sounds like you found us all on here just in time!

Great advice from the other posters above - you will be able to discuss your full situation and the options available to you.

Hopefully the sleepless nights will become a thing of the past!

regards,

hi animal,
i empathise, its a terrible time when we finally realise and face up to the debts we have, but i found the hardest step was picking up the phone and making that first contact with an insolvency company, once this was done i was immediatly put at ease and felt a sense of relief, and surprisingly not judged as i expected to be.

the company i used was the iva advice company, tina s was my first point of contact, and melanie giles my ip, i can't reccomend them highly enough.

but as the others have said its a long road ahead and you need to be happy and comfortable with your choice, so no harm in speaking with a few companys.

i wish you well, believe me things do get better.
keep posting there is so much information and support to be gained from this forum.

Hi, big hug, firstly you are not alone,we've all stood,overwhelmed just where you are. things can get better. my husband - who is a big 6ft tall bloke cried too.

we rang 2 IP firms& went with Mel Giles,Tina (she's replied above to you) who's part of the team was the first person we spoke too. honestly she was so,so easy to talk to,very matter of fact whilst being sympathetic.

don't go with anyone wanting up front fee's.

once you get some advice you will feel much better. when you make your calls have a pen,paper & bills ie mortgage amounts,bills etc. our debt was higher than yours.

you can sort things out. keep talking to your wife too & post here for support/information. well done for facing it- that take courage x

Is the HMRC debt a personal debt or in the limited company?

Its Corporation tax & directors loan.

The Corporation Tax should remain a debt of the limited company, for which you should not be held responsible unless HMRC have made a Regulation 29 assessment against you in which personal liability is confirmed. Do you actually owe the company money due to an overdrawn director's loan account?

Hi,

Yes, I iwe the company money due to an overdrawn directors loan.

I'm going to pull all my figures together over the weekend and get all the info together and was hoping to call you on Monday.