if I went for an IVA

[ray]

I am employed on a paye scheme part time ( 2 Nights a week )and am also self employed doing bookwork and accountancy work for small business's and have two overdrafts with he Banks and also have a car on a hire purchase agreement - if I went for an IVA would the banks and HP company have to be informed or can I legally keep these to one side ?

[jon]

When you go for an IVA the IP will want to know ALL your financial details. I fount it was best to tell them everything so they could work out the best way forward for me. It is hard at the time but once you resign yourself to the fact you are insolvent things can only get better. It is up to you to make sure that when they are putting your proposal together you are left with enough money to live on each month. You will be able to keep your car under the HP agreement as long as you keep your payments up. As far as the overdrafts are concerned these will become part of your IVA and will be paid orr with the rest of your debt.
Best thing to do is open a new bank account asap before your current bank finds out you are going for an IVA. With an IVA you are only allowed a basic bank account, no cheque book, overdraft etc.. I went to NatWast and opened a STEP account. With this you get a Solo debit card which is very handy.
Hope this helps.