will I still be able to trade

[p.b]

I run my own mortgage company and i am directly authorised by the FSA will I still be able to trade also I have a Company credit card which is paid in full each month will I still be able to keep this.The business account is held at the same branch as my current account so will this make any difference to obtaining an IVA.

Also if we take out a IVA can we still have a cheque book and guarantee card?

[MelanieGiles]

Hi pb

If you are thinking of entering into an IVA, you will need to check this specifically with the FSA. My gut feeling is that you will not be permitted to continue to trade, as you cannot comply with your annual declaration of net worth. Are you trading as a limited company? If so, the rules may be different.

Assuming you may be permitted to continue trading, it may be possible for you to retain the credit card, so long as you maintain a zero balance at the end of each month and that this is fully disclosed to your creditors within the IVA proposal. You will be allowed a cheque book and guarantee card at the discretion of your bank.

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

[p.b]

Thanks for getting back to me
I can confirm that I am a LTD company

[MelanieGiles]

Hi pb

So the FSA may have differing rules if their member is a limited company, or do they still judge the directors as individuals?

Assuming you are a director of the company, you can remain in office for the duration of the IVA, and the company's credit card can continue to be used by you. It is unlikely that the bank will be able to set off limited company credit balances against overdrawn personal accounts, but do check to be sure.

Have you personally guaranteed any of the company's borrowings - if so these would need to be included as contingent creditors within an IVA as well.

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