Would I be able to use money from my business to clear my IVA ?

[Brendan.ll]

Dear Sirs,
I am 43 months into my IVA. The payments are around £680 per month. The outstanding amount is around £11,500.

I run my own business as a limited company and I have cashflow in there which could clear the outstanding amount.

Would I be able to use the amount in my business to clear the IVA ?

[MelanieGiles]

Hi Brendan and welcome to the forum

Is it your cash to draw down out of the company? Are you the sole shareholder, and would you be taking this out by way of dividend? Or are you suggesting that the company makes you a loan?

How were surplus limited company profits dealt with in your IVA? It is usual for the IP to conduct an annual review of your limited company trading results, and seek additional monies if the company is showing profits which could be stored away in reserves.

Probably better to check this out with your own IP for more specific advice.