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
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 http://foggy.blogs.iva.co.uk