Littleted - I am in a similar situation although our business is almost sold now..we are in a seasonal area too and I have just split with my partner. You've done really well to go for ten years and you will find a solution to your situation if you get as much advice as possible and then make your d...

Yes it would ! Main reason is you need to be able to access the money. If it keeps on going into your stopped lloyds account then you may not be able to use it to make your IVA payments. I have found lloyds very helpful to talk to and I am sure they would be sympathetic to the payment holiday - our ...

Ok thanks Melanie - now I know that is possible I will ring him tomorrow

I don't think it would be a bad thing for them to know you are struggling as they won't be able to act (I don't think) until they hear about the IVA from your IP. If you haven't asked for one before then its worth a try as it would be a breather for you to sort a few things out. Unless you have a DT...

He has just said to take whatever we need out of the business income, and that any debts have to be included in the IVA. So I guess that if we used the overdraft now that could be included in the IVA ? I will ring him tomorrow as I think he was saying basically to use the overdraft but couldnt offic...

Hi Melanie ! We havent used the overdraft - it was just put on our account after a discussion we had with our business account manager way back in November. Its not included in our IVA at the moment as we were told by our IP not to use any credit facilities at all but I can't see any alternative but...

Ah thats my birthday, I might come along!

I spoke to our IP today - he's putting together our proposal for a full and final settlement on the sale of our business which is going to happen next monday hopefully. He said that on completion we have to ask our solicitor to put the money into a client account, and that all those funds will go to...

Hi littleted - is it a cash only paying in account you need or do you need to be able to take credit card payments? If its just a paying in account you could get away with opening a standard basic account eg a cashminder account although sometimes there is a limit to how much you can pay in! Our pla...

Spam fritters were my fave !

Thanks ladyh ! Our IP started work on the basis that our proposal would be a full and final settlement on the sale of the business within the next 6 months. When we first spoke to him he said that anything around £100,000 would be enough on debts of £200,000. Since then we received the offer of £150...

We are hoping to complete the sale of our business on Monday at £150,000. We owe aprrox £200,000 and have spoken to an IP about a full & finall settlement IVA We have paid the IP £500 and they are just starting work on the proposal (the sale has happened a lot quicker than expected) My question is -...

Thanks for that ! I am slowly sorting things out - the leasehold is almost sold and we should be able to offer between 60-70% to our creditors as a full and final settlement. This is not going down terribly well with some suppliers at the moment but hopefully it will all settle down once we are sold...

Hi ! After all my debt problems, and running a small business over the last 5 years, I am considering retraining and starting again. I would like to find out more about a career as a debt counsellor or advisor to small businesses particularly in the licensed trade / catering sector. I have a lot of ...

hi littleted
Is your business worth anything if you were to sell it ?
I would get advice from a professional insolvency practitioner asap as there are alternatives to bankruptcy.