Should I step down as a Director?

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Aidhe

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Post by Aidhe » Wed Feb 08, 2017 11:53 am
I entered an IVA in November 2015 under some horrendous advice - I really regret entering it. I own a small business that turns over just enough to support myself and my wife, who had to leave her full time position in her old job last year due to ill health. lately, we've been trying to secure finance to help us expand the business - it's doing well and it's growing and we're currently hitting some walls which we could climb with some additional infrastructure.

But obviously, being the controlling director, whenever we seek any kind of finance, we get turned down.

My wife is also a director - we pay ourselves the barest minimum wage and top it up with dividends where we can - our accountant takes care of us in that respect. I'm wondering if I should step down as a director and let my wife take over - will that help our business secure finance if it needs it in the future?

luluj

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Post by luluj » Tue Feb 21, 2017 1:24 am
So sorry no one has responded to your question until now.
Even if you stood down as a director your credit rating would not improve the situation due to the iva on the record and the impact so far.
It will likely continue to impact until 6 years from the start of your iva when all defaults and links to the iva will fall away.

You need to take the advice from an expert and your IP should be able to offer this support.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Aidhe

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Joined: Wed Feb 08, 2017 11:47 am

Post by Aidhe » Fri Feb 24, 2017 3:37 pm
Thanks for the response - I appreciate it.

Is there any way to challenge an IVA? I was aggressively mis-sold mine; I constantly asked throughout the IVA whether or not it would affect my business and was constantly reassured that it would not. I did some research, but the information was sparse and very difficult to pin down. Since then, I've found out that not only does it definitely affect my business, it will continue to do so for some time.

I feel like I've been tricked. I wasn't in a desperate situation; I just had a lot of debt due to long term illness and was already on a debt management plan. I had it under control. The company that I spoke to made it seem like it was my only real option and constantly reassured me that everything would be okay, but it's quite the opposite. I can't lie; this is ruining my life and my livelihood - and that of my wife and therefore our entire family - and I feel completely powerless to do anything about it.

I'm gutted. Feel like there's no point trying anymore, in honesty. What a sham.
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