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Posted: Mon Aug 15, 2016 7:09 am
by Jennifer.n
We are looking at applying for an IVA as we have debts over 35000 and are struggling to pay. I have recently just started a work from home network marketing business but as of yet is not bringing in much money, around 20-30 a month. Can I still continue with this if we do the IVA
Posted: Mon Aug 15, 2016 8:20 am
by kallis3
Hi and welcome,
Don't see any reason why not but it's something to be discussed with a prospective IP.
Speak to one or two companies. Vincent Bond (details under ask experts a question link on the left hand side of the page) will give you some free advice if you give them a call.
Posted: Mon Aug 15, 2016 9:50 am
by Foggy
When we were in our IVA's we ran a home based internet business and agreed with our IP to simply divide that income (treated as extra income) three ways each month: A third for HMRC, a third for the IVA and a third for us. It worked well and everyone knew what was happening from the start. Keeping your IP in the loop is key.
Posted: Mon Aug 15, 2016 10:46 am
by Lisa Thomas
If you don't have sufficient income to pay towards an IVA and your debts then an IVA won't be viable.
How much are your debts? How many creditors do you have? Do you have any other assets, such as property?