www.iva.co.uk

Hi i am considering that an iva may be the best option for me, but i am now self employed and so is my husband and i am a director on his business, is an iva possible?? We have not missed any debt payments but i have recently lost a very high paid job due to a shareholder dispute and it has got very nasty and i am now left earning a 1/4 of what i was but we lived to our means..... i am desperste for some help and what to do

An IVA is possible for the delf employed, but do make sure that you approach a provider with experience of self employment as many aspects have to be treated differently to the PAYE scenario and a lot more flexibility built in.
I would, again, suggest the smaller to medium firms, rather than the "IVA factories".

You will need a UTR, and either a full set of accounts or a self assessment. If this is not possible, for example if you have not yet been trading for a year or more, you will need to prove your income via other means, projection based on what has happened so far, or interim accounts. An IVA sounds perfectly feasible to me, if conditions are right, and will avoid any issues with your husband being a company director which would occur in Bankruptcy.

Regards.

You should also check the articles of association for any companies you are involved in as they may need amending. This is quite straightforward but very important so make sure your IP explains this top you.