I am a sole trader with a shop.I owe jointly with my wife £53000 on personal credit cards. I have got a £1000 overdraft on my personal account. On my business account I have got a £15000 overdraft, would this be affected If I had an IVA. I need this business overdraft to continue trading.
Hi Stuart and welcome to the forum. As far as I'm aware all unsecured lending goes into the IVA overdraft included, it did in my proposal but I'm not a sole trader so it could be different for yourself. We'll keep this bumped up as a professional will be along very soon of that I am sure. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Stuart and welcome to the Forum.
All debts would have to be included and you would need to source alternative banking facilities. However, if you did not have large debts to service the business could possibly trade on without an overdraft. Many people who enter IVAs save what they can before the IVA is approved to get a small contingency fund or a float to get them started.
If you own the shop it would need to be valued and if it is leased you would need to check the terms of that lease before you proceed. Speak to an IP firm for some free advice and hopefully you can get this situation resolved.
Hi Stuart - welcome to the forum. As michaels says the best thing you can do is get some specific advice regarding your circumstances to see what is possible.
There are highly recommended firms on here and who are also reviewed on www.iva.com. Its best to speak to 2 or 3 companies so you can compare what you have been told and decide on who you feel most comfortable with, all things considered.
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Do you have other debts with the bank who is providing the overdraft? If not, it may be possible to keep this creditor out of the IVA, so long as they agree and other creditors also ratify this. So long as you are not racking up more credit, and the bank is happy, I cannot see why this shoudl be a problem - and I have certainly brokered arrangements like this in th past.