www.iva.co.uk

Im currently in an IVA until 2012, does this restrict me trying to set up a business as a sole trader?

It depends what you want to do. If the trade involves buying goods on credit then you will have some issues as taking credit is likely to be breach of the IVA. You can get round that by getting the Supervisors permission and in any event you'll need to tell the Supervisor what you are doing.

You may also experience some difficulty setting up a proper business bank account.

Ian

Hi
Ian's quote 'You may also experience some difficulty setting up a proper business bank account.'
You will almost certainly find it near impossible
Regards

If you are going to give up full time employment to start a business, you will need to convince your IP that your earnings are going to be sufficient to enable your IVA contributions to continue at their current levels.

The first year of trading in a fledgling business is always difficult, so I would work on a cautious business plan when assessing viability - and always expect the unexpected!

andydavie wrote:

Hi
Ian's quote 'You may also experience some difficulty setting up a proper business bank account.'
You will almost certainly find it near impossible
Regards

Fair point Andy [:)]