What happens if I lose my job and set up on my own as a plumber ?

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adam912
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by adam912 » Wed Apr 26, 2017 5:06 am
Hi,

I am currently in an IVA and have just completed my 1st annual review. I believe my job maybe at risk and its very stressful as they are taking advantage knowing my situation needing the work to pay off my IVA? Can you help what happens if I lose my current job to set up on my own as a plumber.
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watzki
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by watzki » Wed Apr 26, 2017 6:19 am
You can be self employed in an iva,I was and it went smoothly,you have to submit your tax return to your ip every year,besides that it runs normally like if you have a directly employed contact
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luluj
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by luluj » Wed Apr 26, 2017 6:24 am
A full review of your circumstances would need to be completed to test ongoing affordability of your iva.

Setting up in business as a plumber could be costly and identifying funding streams whilst in an iva maybe difficult unless you have friends or family who can 'invest' in your business.

I think you need to be really sure that whilst the iva is ongoing that going self employed is the right way forward - could this not be a goal for the end of your iva - something to work towards?

Have you considered looking for alternative paid employment?
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Foggy
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by Foggy » Wed Apr 26, 2017 6:56 am
Good advice from Luluj --- starting a new business is stressful, in itself, in the best of circumstances and you need to be sure that you can service the IVA as well as keep afloat at home.
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Lisa Thomas
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by Lisa Thomas » Wed Apr 26, 2017 9:15 am
In what way is your employer "taking advantage of your situation"? Perhaps you can resolve this instead.
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adam912
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by adam912 » Wed Apr 26, 2017 11:47 am
Thanks for the replies! To keep it short Basically Things are quiet at this small business and the stress the director has is put onto me maybe accidentally but I like this job hence why I haven't looked anywhere else yet. I'm relied on far too much for the money I get on salary

Self employed is just an option really my question mainly is what would happen in the short term if I was to get laid off tomorrow would my IVA be void or how long could I go unemployed while I find another place of work before it does become void even if my partner helps pay my monthly IVA bill?

I just want to get as much knowledge as I can before anything happens.
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Foggy
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by Foggy » Wed Apr 26, 2017 1:14 pm
If you got laid off tomorrow you would be allowed to keep the equivalent of 6 months salary from any compensation with which to live and pay the IVA. If no, or little compensation, you would need to agree a payment break with your IP while you look for work. This will be added back on to the end of the arrangement.
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adam912
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by adam912 » Thu Apr 27, 2017 4:59 am
That sounds more reassuring it won't take one to get work I just wasn't sure that's all I'll speak with my ip thanks
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