Self employed as mortgage/protection advisor

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Richarddwn46

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Post by Richarddwn46 » Fri Sep 24, 2010 6:58 pm
I am considering an IVA however I am self employed as a mortgage/protection adviser and am not sure If I can continue to work in this industry?
My income is so up and down, I understand an IVA is a fixed payment, is there a general rule of thumb in working out how much a monthly pamment might be on my outstanding debts ? then I will be able to work out if I can manage an IVA.
Currently I am just stopping my cards going to default but some of the card issuers are more understanding than others, I see either a IVA or bankruptcy an option.
Thank you for your help.
regards
Richard
 
 

Broke of London

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Post by Broke of London » Fri Sep 24, 2010 7:16 pm
Hi Richard,

Re your job - check the policies of any professional organisations you belong to, your regulator and any financial institutions you are tied to. This could be tricky.

Up and down income - speaking to a couple of IPs will help as I believe there are a couple of ways they can work out your income.

Stopping payments - many people do this when they are preparing an IVA and it is a good way to build up a contingency fund. It will not have any impact on how your creditors vote in an IVA.

Is there any reason you're not considering a DMP at this stage? Possibly, it may have the least impact on your career.
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 7:32 pm
Hi and welcome to the forum.

Not sure about the answer to your question but I think BR will have more of a negative effect on your career than an IVA will but one of the experts will be along to help.

I would give one or two IPs a ring - visit www.iva.com for a list of companies and reviews. The advice is free and impartial.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Adam Davies

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Post by Adam Davies » Fri Sep 24, 2010 8:54 pm
Hi
Try to work out your average net income from future projections and then deduct your living costs, the difference is called your disposable income and this will be your paymnt level into an IVA.
Regards
Andam Davies
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