Just another question for you all - I’ve spent some time researching first before asking but as usual - lots of opinions and differing ideas!
If you are a sole trader and are on an IVA and then you incur more debts within the business and probably need to sell up, do those debts you incur after your Iva has started go into the IVA or do you have to manage them outside of the IVA on your own? Obviously you don’t have much disposable so you couldn’t really do that?
There are times a new debt can be included -- but these are few and far between. New debt of over £500 can be grounds to fail an IVA as this is expressly forbidden in the agreed terms. As a sole trader you should have started trading on a cash only basis and not incurred new debt.
What sort of money are we talking about ?
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