www.iva.co.uk

I am self employed turning over c£70,000 per annum and making c£23k profit. I have debts of £56,000 on various credit cards/overdrafts and now owe the Inland Revenue and additional £10k. I am owed c£13,000 by creditors who are way behind on their payments. I have no money whatsoever and am renting accomodation that is far too expensive. I know I have to move fast but is there anything I can do to get on top of my debt?

Good morning Dean,


Thank you for the post and welcome to the forum.

Have you thought about bankruptcy at all?- I mention bankruptcy because you are not a homeowner.

Would that jeprodise the future of your business?

Kind regards,


Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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Hi
Have you any debts with suppliers to your business ? If you do then these will have to be included with your personal debts if you were to consider an IVA.
Also have you considered using a factoring company for payment of your invoices ?
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

So first of all it might be a good idea to find cheaper rented accomodation, more fitting with your budget. At the same time, you need to take a good look at your business and personal finances to see whether a more structured cashflow would enable you to trade your way out of the current difficulties.

Looking at the level of profits your business is generating, and assuming that you spend at least half of those on living costs, it does not appear that you can continue with contractual payments and are therefore probably insolvent.

Once insolvency is recognised, then your really have three options - debt management, IVA or bankruptcy. I suggest that you consult an insolvency practitioner who would be able to review your finances in greater depth and can give you the advantages and disadvantages of each option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Is there a list of local accredited Insolvency Practitioners anywhere?

Yes - you could try website iva.com or the Insolvency Service's website.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello Dean,

As Melanie advised (thanks Melanie!) we have a list of IVA firms and IPs on IVA.com.

We also have a review function that enables you to read about the experiences of others in IVAs.

Good luck with finding the right solution.

Kind regards,
Terry Balfour

IVA.com - Comparing IVA firms by using consumer feedback.

Please rate your IVA firm or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp