So.... after many years of paying interest only, and debt spiralling out of control.... I’m about to start the Iva process. Slightly relieved but also prettified. My debt has accumulated due to personal reasons. Not overspending on goods etc. I have a history of poor mental health and paid essential bills on credit cards for a long time (I have never been in benefits and never wanted to). my mum had a stroke last year which has taken a massive financial toll.
My questions are..
I am self employed and petrified of the Hmrc implications ?
Hello and welcome. There is no shame in an IVA -- although, yes, many of us do feel it. An IVA is not an "easy out", in fact, it is hard work and is as much rehabilitation as repayment. You are trying to repay as much as you can ... NOT get away with as much as you can.
Choose an IP that has experience of self employed and I would avoid the large "IVA factories" who rely on everybody being that same! You need an IP who will see you and your circumstances as individual.
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