Is an IVA right for me?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Tue Dec 04, 2018 7:35 am

Post by pat863 » Tue Dec 04, 2018 7:35 am
I’m still trying to work out if an IVR is going to be the correct way to deal with my Debts

Firstly can a Previous business premises rent be included in a personal IVA.

My financial situation is as follows
I now owe £14,000 on personal credit cards one of those cards is £5200 which is in default but company has frozen interest and agreed £20 a month for year before review.

£2200 on Business credit card (in default)
A small loan of under £200
An account with a tool supplier of about £1200
Rent on the old business premises of £900
An overdraft of £1100 ( in a reduction plan going down £50 a month).
And a Mortgage of £30,000

I’ve been in and out of hospital with Kidney problems for most of year which has made my ability to work and run a business extremely difficult as well as being diagnosed in June with mental health disorders which are still being investigated further.

I have equity in my home but not enough to clear debts and finance another home for me and my family,

Because of the Defaults, use of credit and lack of income I can not obtain any further finance, nor can I remortgage.Thanks for any suggestions


User avatar
Forum Expert
Posts: 28352
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Dec 04, 2018 7:50 am
As long as the business debt is yours (sole trader not a limited company) it shouldn't be a bar to the IVA. There could be an issue with your potential inability to earn -- which, in turn, would be a problem paying the agreed IVA payments. You really need to discuss the whole picture with a couple of firms and I would suggest the small / medium firms, rather than the "IVA Factories", so that your case is considered on an individual basis. I would also make sure that the firm you choose has experience with dealing with the self-employed as they throw up their own unique problems!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

User avatar
Industry Expert
Posts: 7308
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Tue Dec 04, 2018 8:55 am
It's too difficult to advise without more information.

Who owed the business rates - you or another entity?

How much is your share of equity in the property?

How much income can you afford to pay into an IVA and what other assets are you offering?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”