I have been in an IVA now for 9 months and all is going well. I was on maternity leave when we started it and have not returned to work due to relocation as husband in forces. I'm interested in going back part time but don't think it it's feasible as if I have to pay 50% of salary to iva and pay child care & travel it would cost me to work.
Therefore I've been toying with the idea of starting a small business selling items I make. Is this allowed within the terms of an iva. I realise I'd still have to pay 50% of profit but wouldn't have to pay child care.
Anyone else had experience if this?
Hi and welcome. I think if you were self-employed this would need to be declared to your IP on the Income and Expenditure. I'm not self-employed but do know others are so they may be able to give you more constructive advice. Good luck with your venture.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I started an ironing business just after our IVA started - alongside my employed job too - and I just declare it as seperate income on the I&E form. My tax returns prove the income so it's all simple to declare.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
As long as it is declared and you submit your accounts and tax returns to the IP this should not be a problem, I would inform your IP of your plans though.
Your self-employed income would be taken into account for the purpose of calculating your disposable income.
I would love to have that sort of business, when I hang up my insolvency licence for good - I used to knit designer jumpers and sell them for an outrageous price, when I was younger and had more time on my hands. Would love to have the time to do something like that again!
