I have been provided your information by an accountancy as I am in the process of researching setting up a business for the first time. I am struggling to find information online regarding the bank start up loan process.
I am currently employed full time in the NHS but I have been in an IVA for 2 years; with approximately 3 years left.
Please can you confirm if I would struggle to get a start up loan from a bank in the first instance?
At the moment I am just looking in to if I would be able to secure the required funding in the first instance if my IP agreed it. I would stay in my employment so I would have this salary as a back up/ security.
As you say, you will need the permission of your IP for any lending --- which is unlikely to be forthcoming. Then the ability to repay the business loan without threatening your current IVA payments will need to be proven. Finally, your credit rating is shot, so it is unlikely, or near impossible, that you would find a lender to accept you at anything like reasonable rates, if at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk