Iva and fax licence

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wasim

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Joined: Thu Mar 11, 2021 6:42 am

Post by wasim » Thu Mar 11, 2021 6:42 am
hi

i am a director of limited company directly authorised by fca to sell insurance. can i get an iva on my personal debts and still keep my fca license? would fca know that i have started and iva? though my ltd company finances are perfect.

lifenoteasy

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Location: United Kingdom

Post by lifenoteasy » Thu Mar 11, 2021 9:11 am
Hi - there have been indications that this is possible but only the FCA can tell you.

When choosing an IVA company, make sure that they are used to and understand what it means where you get income out of a limited company.

The larger companies will promise the earth, but the reality is they barely understand at times how to run a simple IVA.

There is an IP who comments every now and then on the board and they may be worth contacting.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

MrMole

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Post by MrMole » Thu Mar 11, 2021 10:24 am
You have to check this out yourself, either with the FCA directly or your company accountant.

No IP will give you this kind of definitive advice: even if they think they know, they will tell you that you must check for yourself.

PS. Whilst talking to your accountant you should also discuss the effect of an IVA on your status as a director. This is usually remedied by a simple shareholder resolution but it does depend on your company's articles of association.
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