Can My husband's Business be affected by my IVA?

[barber2k3]

Hi,
I am thinking of applying for an IVA I've been in touch with a company called Bridgewood financial solutions LTD, if any one can advise on this company I would be most grateful, I tried to google reviews for the company but had no luck. Please if you know of them or have used them please tell me if they are good or not?.
I was wondering though my husband is self employed and is a limited company, his credit rating is not as bad as mine, but would my IVA affect him or his company rating in any way? as we are financially linked via our mortgage, and I am his company secretary.
Also if he chose to do an IVA how would this affect him and his company?

Also I'm self employed, and I am a cash business (hairdresser) would this effect me? would I still able to live exactly how I do now? only I would not be able to get credit any more for the next 5 years basically?
I also need a new bank account but have no clue where to go suggestions on this would great.

I am very worried about doing this IVA I am not in desperate need to do it, as I am just about making the payments each month, but I have to put every penny away to do it, and I have ten years of that to face, I am in two minds about doing an IVA or just struggling on? any advice on this situation would also be grateful.

Thanks for reading
xXx

[Michael Peoples]

Hi Barber and welcome to the Forum.
First of all any adverse information against you can impact on your husband as you are financially linked. However, this should not affect existing credit facilities that he has and should not impact on the limited company. You can operate as company secretary and your self employment would not be affected either.

Your IP will draft a set of projections with you to base any IVA payments on and you will need to ptovide previous accounts and self assessment returns. If there are any outstanding, these should be submitted even though you do not have the funds to pay them. Credit facitilies are restricted and can only be obtained with the consent of your IP but you can operate banking facilities. If your credit file is not badly damaged at this time you could apply online for a number of accounts or alternatively CoOp are highly recommened on this site.

It is possible that you do not need an IVA and there are other options but you should contact an IP firm for some free advice. Bear in mind that while you may be making the payments to creditors you should also be saving for future tax bills and if this is not the case there is a potential problem down the line.

Finally, if your husband proposed an IVA his business should not be affected but there are some things he should be aware of concerning the articles of association. Your IP firm will discuss these matters too. Good luck with any proposal.

[barber2k3]

Thanks for that Michael,
Just done an on-line application for co-op and I should hear back in the next few days?
tax is not that much of a problem for me I pay it monthly my business accounts are fully up to date.
Have you heard of the company that I mentioned?

Still unsure about going for an IVA though!!!

[MelanieGiles]

Don't they post as experts on the forum - but I am not sure if they have their own IP? If not, perhaps they will refer you on to another firm, so try and make sure who would be ultimately dealing with your case.

Even if your husband is not insolvent, your IP will need to look at the trading accounts for his company and undertand his financial projections. This is done to verify his income, and ultimately to ensure that he is paying his fair share of the monthly contributions.

[Michael Peoples]

I have seen them post on here but like Melanie I do not know mcuh about them. However, there is no harm in taking advice from anyone especially as it is free and certainly do not commit to anything unless you are 100% sure that it is the right way to go.

[kallis3]

I would ring two or three companies before making a decision.

Visit www.iva.com for a list of companies and reviews. You will get free and impartial advice from all of them.

[barber2k3]

Thanks to you all, for the responses, I will check the web site Kallis3.
My application was rejected by the co-op! never mind, don't really know what to do about a bank account now?

[kallis3]

Did you apply for a full account rather than a Cashminder account? That might be one reason it was turned down.

Are you on the electoral roll? If not, that could be another reason. Try phoning them to appeal and see if they will open a basic account for you.

Yorkshire Bank are supposed to good as well and I believe Barclays will let you open a basic account with them.