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Posted: Thu Oct 13, 2011 7:49 pm
by Debbie.z
Hi All- Im self employed and want to do an iva. my total debt is 48k.I rent with my partner. How does an IP work out how much i can afford to pay each month? What paperwork do they need to see? Bit worried, as ive lost some receipts from my business accounts. and need to catch up with my books.got a bit behind. I've got all the figures from previous tax years from hm revenue. Is this all they will need?Also, im due a tax bill in jan 2012. Im not sure if i can afford to pay it all-can i put this on the iva?! bit confused! Hope someone can shed some light! Thankyou
Posted: Thu Oct 13, 2011 8:07 pm
by Foggy
Hi. Pop over to
www.iva.com and have a word with a couple of the firms represented there. It's free and without obligation.
They will work out your essential outgoings and take them away from your income -- what's left is your disposable income and will be your IVA payment.
Current years tax liability will be included in the IVA. Not sure about previous years. I am sure an expert will be along with more info shortly.
Posted: Thu Oct 13, 2011 8:12 pm
by kallis3
Welcome to the forum.
Can't add anymore to what Foggy has already said. Speak to one or two companies to sort out the options open to you.
Posted: Thu Oct 13, 2011 8:49 pm
by Broke of London
There are more factors to consider when someone is self-employed and fluctuations in income to be dealt with so make sure you speak to IPs who are experienced with self-employed cases and can understand your business. Good luck x
Posted: Fri Oct 14, 2011 2:04 am
by MelanieGiles
Hi there
An IVA application for someone who is self-employed is a relatively simple process, but do choose a practitioner who is experienced in this area.
The IP will spend time with you understanding your business and reviewing accounting information to take a view as to what is a reasonable level of income to expect moving forward. You will need ot have a face to face meeting with them, but this is very beneficial and most of my own clients tell me is invaluable in learning more about the process, and being reassured that you are in the professional hands of someone who will work with you and your creditors over the duration of the IVA.
It would be well worth you having a chat with an IP sooner rather than later, to see what options there are available to you and which best suit your circumstances - both for now and where you would like to be in the future.