would getting a iva affect my business

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louise.r

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Post by louise.r » Wed Jul 25, 2007 10:22 pm
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Im self employed would getting a iva affect my business. I only want an iva on my personal debt.
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Adam Davies

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Post by Adam Davies » Wed Jul 25, 2007 10:25 pm
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Hi
You have to include your business debts within an IVA.
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
Andam Davies
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BECKY

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Post by BECKY » Thu Jul 26, 2007 9:46 am
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Hi i was in the same position as you and only wanted to inc my personal debt in my iva as I run my own business. I ended up inc my business loan and overdraft , although this isn't what i originally wanted its worked out really well as my business account is now always in credit.
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Oliver

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Post by Oliver » Thu Jul 26, 2007 9:49 am
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If you are a sole trader you will have to include your business debts.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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ray_a

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Post by ray_a » Thu Jul 26, 2007 12:17 pm
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Hi Louise

The answer to your question is I am afraid is yes!

You have to include all your debts including any guarantees to banks if you are running a limited company.

It will make a big difference to obtaining credit and your bank account will have to remain in credit.

As well your tax position alters and any amounts owing to the Inland Revenue are also included.

You also need to consider the payments to the IVA and can they work alongside with your cash flow from your self employment.

A good accountant and IP should be able to help you here.

You need to talk firstly to your accountant first and then give more details and use this forum to find a good IP.

I hope this does not sound daunting but it is complex and we are here to help you so please don't be afraid to give more details as we have all been through this experience!

Good Luck

Regards

Ray
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