Hi i am three and half years into an iva and never missed a payment

[Alan.7]

Hi i am three and half years into an iva and never missed a payment
6 months into my iva the company i worked for stopped trading but the job i was doing was filling vending machines so i took the weeks wages they give me bought some stock and started doing it my self
now three years later i am still going and making a wage(sometimes)
but i have been offered more work and i will need to employing someone else which is great but it would require some investment ie a loan
is a business loan allowed

[kallis3]

Hi and welcome.

Firstly, congratulations on having a successful business. Secondly, you would need the permission of your IP to apply for credit and you may find it very difficult to get any because of the IVA.

Speak to your IP firstly though.

[Olivia Young]

Hi Alan

As Jan says, you need to talk to your IP regarding further borrowings.

[Tina Shortland]

Hi Alan - welcome to the forum. Its great you have been able to take over the opportunity and grow it in the way you have. Hopefully your IP can agree to a business loan but it may need to be done through your company as opposed to personally on a sole trader basis, I am not sure. If a loan is out of the question or if you are unable to get one is there someone who could help you personally or maybe your IP could agree to a payment break to give you some cashflow to begin with?

Hope you find a solution that works and the new recruit works out well.

[MelanieGiles]

This is probably academic - but I doubt very much you will find any commercial lender who will finance you whilst you have an IVA on record. Do you have any friends or family who could grant you a "soft" loan in the meantime, as it seems a shame to pass on the opportunity of business expansion so long as you can demonstrate you could afford the repayments without your IVA contributions suffering.

[Broke of London]

Congratulations on your business going so well! I hope you work something out x

[Alan.7]

Hi
thanks to everyone who left a post but after many hours of talking to anyone who deals in money no luck
so not to be discouraged i am going for it i think its just about cash flow and if ive got my sums right i should do it
so just some words of wisdom if your in a similar position then don't let not being not able to borrow money put you off because there is always a way
i will keep you posted on how it all goes
interviews next dont know who will be more scared
thanks

[lem]

that's great news Alan, you should be proud of yourself overcoming a small setback like this to make a success of your business, good luck xx

[vince666]

You might be able to get a small government subsidy towards the cost of employment per the link below (I'm afraid I have no idea how you go about applying for it).

http://www.direct.gov.uk/en/Nl1/Newsroom/DG_200235

[Goosed]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Alan.7

Hi
thanks to everyone who left a post but after many hours of talking to anyone who deals in money no luck
so not to be discouraged i am going for it i think its just about cash flow and if ive got my sums right i should do it
so just some words of wisdom if your in a similar position then don't let not being not able to borrow money put you off because there is always a way
i will keep you posted on how it all goes
interviews next dont know who will be more scared
thanks

Good luck Alan,

You`ve certainly got balls...

Fortune favours the brave

[clee123]

Good luck, I used to have my own business many years ago, and even though it's tough - it's very rewarding xx

[MelanieGiles]

Great positivity about the future Alan - very best of luck in turning your dream into a viable business.

[footiemad]

Good luck with that Alan and I hope it works out well for you x

[kallis3]

Good luck from me as well.

[Shining]

good luck x