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i have been thinking of an IVA for the past 6 months? i am about to set up a new business in plumbing and just can not pay any debts at the moment? my question to you is, if i get a IVA will my van be safe as it is on hp, also what about mobile contracts? i think i can set up a business account in my company secutarys name so do i direct my hp to be taken out of there? my debt is about 35k, not includeing my hp. i suppose to pay about 1k p/m please help regards ste

hi ste

the best thing to do would be to speak to a reputable debt advisor. Are you employed at the moment?

You will also need to compile a list of all nescessary expenditures to work out what your disposable income is

My husband is self employed and his van was on hp and excluded from the IVA because he needed it for work. We were also allowed to keep mobile phone contracts to the end of the contract and then expected to go to pay as you go.
If you can operate your business with a basic bank account then you would not have need to set up and account in anyone elses name.
IVA's were originally introduced for small businesses or sole traders. Get some advise the longer you think about it the worse your debts will be.

Hi ste

Are you going to be running the business personally or as a limited company? Your van HP payments will need to continue, as I guess this is essential for the new business, and will form a viable expense item within the IVA.

Your IP will need to see detailed trading projections, indicating that you can earn sufficient monies to support IVA payments, and I would want to see at least 3 months track record of trading if you were a client of mine.

Your mobile phone contracts will remain in place and will not form part of the IVA.

Good luck with the business, and continue to post to let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk