www.iva.co.uk

If I have an IVA can I still get a loan for a Bussiness that I would like to start up?

I would think a business loan is considered the same as finance, so it may be doughtful, someone with the knowledge will be alang shortly to advise you correctly. good luck fingers crosssed that you can do it.

Hi and welcome.

It is unlikely that you would be able to get a loan whilst in an IVA and it would have to have the permission of your IP/creditors.

Hi - as the others have already said, you will struggle to get a loan personally but ifyour business is set up as a separate legal entity it may make a difference. Does your business have any assets against which a loan can be secured? Speak to yur ip and ask if they or one of their colleagues is a specialist on self-employed matters so you can get thorough advice on your options.

It may be entirely possible to take out a loan to start a business during an IVA, but you are unlikely to get it from a bank. Your local enterprise agency, or even family funding if it is available, amy work for you - but as with any new start business you must have a solid foundation, a track record of experience in the field you choose to follow and a sustainable trading forecast.

To make matters more complicated, whilst you are in an IVA all of this will need your IP's permission. Over the years I have seen several new-starts flourish whilst their owners are in IVAs, but it may be fair to say that a lot of businesses do fail during their first couple of years of trading - and with the constraints of an IVA to also contend with, often remaining in paid employment can seem more favourable.