Thinking of doing an IVA.

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mike504
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by mike504 » Mon May 07, 2018 6:08 am
Thinking of doing an IVA. I am a little unsure of the procedure, do they run a hard credit check to locate any debt incase i have forgot about it etc? My main question is for the last 8 months i have tried to set up an ebay business buying and selling, its not making much so because of this i have not declared it etc, by joining an IVA would they find this? My intention is to close it when i start the IVA, i just want to know if they can locate things like that if i dont declare it. Thanks
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Foggy
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by Foggy » Mon May 07, 2018 9:10 am
They will not do a credit search but will rely on you declaring everything --- a failure to declare, if it comes out later, can mean the whole IVA goes down the toilet, whether you have made 6 months payments or 5 years !

Things do have a habit of coming out of the woodwork and if HMRC get wind (they do trawl places like eBay looking for what looks like business activity and the more you make the harder they will look) they will not be easy to deal with. If the earnings are just a few quid each month I would say shut it down and leave it, if you are confident that you owe the taxman little or nothing.
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MerlinL14
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by MerlinL14 » Mon May 07, 2018 5:29 pm
Congrats on making moves to clear your debts Mike. As foggy says, most IVA companies will not do a credit search, this is where you have to be honest to yourself and do some leg work. Your Bank statements will give you a great pointer as to who you owe debts to, use them to gauge who it is you need to document and for how much (ish) and produce this to an IVA company when talking to them about your route and options going forward. Look on the forum and you will find several references to different companies, do not just go with the first one who gives a "yea we can do that" proposition. Do not get pressured into signing anything unless you have answers to specific questions in writing. A "yes that is OK" over the phone holds no water if it happens that whatever that was needs to be readdressed later in the IVA. Your IP will hold all the aces and unless you have written proof of something outside of the protocol, you will be bullied into rolling over and accepting the IP's ruling. This is a 5-6 year journey, education, life event, so do not get the initial part wrong as it is a long road to completion. Once you start the ball rolling you will get cold calls from insolvency firms, they are like ambulance chasers. Do not go with a company who cold calls you, do not go with a company who wants an upfront payment. Do not go with a company who does not administer the IVA but acts as an agent for several IVA firms under a commission basis. This is going to be your life for 5-6 years, don't make bad decisions in the set up period. Good luck and keep asking questions on here on 'stuff' that is not familiar to you or that you need a pointer to.
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mike504
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by mike504 » Mon May 14, 2018 9:57 am
Looking for a little advice please. I am looking into doing an IVA, and i just wanted some more info on the process? Once i fill the forms out declaring my debts do they do a credit check on me to confirm all the information etc? I recently tried buying and selling on ebay, but it didnt really take off and i closed the account. Is this the kind of thing i should declare when applying for the IVA? Any help would be greatly appreciated. Thanks
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Foggy
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by Foggy » Mon May 14, 2018 10:26 am
Topics merged to avoid confusion.
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