www.iva.co.uk

I'm 3 years into an IVA I have made an offer to settle which my supervisor deemed was more than suitable but this has been rejected by the creditors as they want proof I will have no work when my contract end in June. As I am a contractor I engage in different activities via my limited comany as and when they arise so to ask for a letter as proof I won't have a contract is basically telling the agency I no longer wish to be provided with engagement opportunities. Is there any way of getting the creditors to understand this? Also asi am limited I have been looking at ways of generating business and wanted to know whether my ownership of a limited company would be classed as an assett that the creditors would want funds released into? I have some funds set aside for business expenses and future development plans and this is not part of what is classed as my earnings (directors salary and dividends). If I get another short term engagement contract it is likely to be less. I am so worried that come June my IVA won't be able to be paid and I won't be able to afford the mortgage yet the creditors just don't seem interested in getting the offer. Also in the event I get this new contract it will half the income I currently get so over the remaining 24 months they will get less than the full and final I have offered. It just doesn't make sense and my supervisor IVA just doesn't seem to want to push it? Looking back at the start I am wondering whether this was mid sold to me.

Peter.X the answer per-se is no the ltd company is it's own legal entity and it's activities are its business that fact that you own it makes little difference, although I do very much see your point.

I have pondered your thought and come up with many reasons why not and many reasons why so and they seem to cancel themselves out, and so the ltd company remains untouched, I won’t bore you…

If your just paye you can just prove a drop in earnings and go for a variation..maybe you'll just have to see the 24 months on a lower divi as mad as it sounds

You just need to draft some projections for the business to show why your income will be dropping and this should be acceptable to creditors.

Good news. I've gone back to the creditors via GT with my comments to the rejected settlement and am so pleased to find today that my offer of £9000 has been accepted so yay with over 2 years left I'm going t be debt free,,[:D]. my original debt was £38k with £7k supervisor fees totalling £45k. we have paid £14k and with the settlement we are writing off £20k

That is great news for you Pedro - well done to all concerned.