I'm considering an IVA. However i have recently been appointed a director at a Ltd company. As such I have a basic wage and receive varying amounts of divident payments each month depending on the performance of the company. What's the best way of dealing with this? and would my bad credit and IVA effect the credit rating of the company?
The income is easily addressed as the dividends would be calculated based on projections of the company. There are some issues concerning holding a directorship which may involve informing the other directors and you would not be able to sign personal guarantees which could affect the ability of the company to raise finance.
You can be a director of a ltd company and in an IVA. Unlikely to have an effect of the companies’ credit worthiness. But as a director you will appear on companies ’ house records . I cannot see any reason why creditors would look at you other than interest?
Unearned income appears to be treated differently from one IP firm to another
Ha ha Michael Banks lend money...They’re actually doing the opposite shutting it down. About the only way raise any decent money is through a SAS pension (not a sipp) But to set a SAS up you need to have a ltd company... you form your own HMRC pension approved pension fund, call it blue cheese pension fund if you like. Then transfer all your old and existing pension pot values into it, then the ltd company can borrow upto 50% of what’s in the pot.
The big pension companies do not like this one as it depletes their cash fast, it’s a bit of a gold rush, fortunately the transferring companies can’t apply MVR as the FSA stopped it as punishment, rather than market performance
Building societies and bank are setting up new accounts to hold these funds
I agree Sponge that it is difficult to raise money from banks but many suppliers look for director's personal guarantees before they agree to deliver stock. The other stuff about pensions is way over my head and I would never even try and advise on things I have no clue about. It sounds good but I will leave the explanations to those in the know like yourself.
