www.iva.co.uk

My husband and I are experiencing financial difficulties and each have unsecured personal debt of more than £15,000 and closer to around £100,000 between us.

Some loans are in joint names. Can we take out a joint IVA (although I understand IVA stands for individual!)

Also we have three young companies between us, which is how we got into this mess as all three have been quiet recently and I have been poorly so not kept on top of everything.

My question really is how would an IVA affect our companies (all 3 are Limited) and we do not take a set amount from any of them each month as we tend to live on whatever happens to have been paid into the bank less our suppliers etc?

Hi
An IVA will not affect your limited companies and it would be unusual for the shares to be deemed as an asset.However your biggest problem will be in agreeing a realistic income with your IP so that they can propose a realistic IVA.
What is a realistic figure for your income on a regular basis ?
Regards

Do the companies have any liabilities of their own and, if so, have you personally guaranteed any of them?