www.iva.co.uk

Hello sorry if this has been asked a million times before.

I am currently 2.5yrs into my Iva. I have had an offer of opening a Cleaning buisness with my aunt my littlest child is now at school and I have lots of free time in the day. I have previously done this job before having the baby and had a really good client base.

Would I be allowed to start this new venture with my auntie. I would still be able to make the payments that I make now if we did this and also if so how would it work with buisness accounts etc??

Sorry if I sound very novice nothing in my circumstances have really changed since I started the Iva so I’ve never really had to ask any questions.

One other thing how would I go about finding out how much a full and final offer would be? My uncle has offered to give me some money to help me end all this but is obviously not in a position to pay the full amount?

A full and final offer is based on the number of payments remaining multiplied by the current monthly amount. This could, possibly, be rounded down a little. If you are a homeowner you generally have to add 12 months payments in lieu of equity release.

As for the business. Yes, you could start a business in the IVA, but you would have to have a detailed chat with your IP about it. There has to be an agreement between you as to how he will calculate your income as the good months need to be able to offset the bad months to some degree. You will also have to arrange to retain sufficient funds for tax and NIC liabilities. The drawbacks are that public liability insurance is problematic and might need some hunting down and purchasing supplies etc will need to be on a cash only basis -- you will not be able to have credit accounts with suppliers.