www.iva.co.uk

WE are thinking of having an IVA we are at present getting all our information on our debts together. WE roughly owe £49,000 in unsecure loans. We were taken to court by a client of my husband(he is a builder) He was building a conservatory for a lady, But due to high winds on the day the conservatory was damaged, she took us to court and we have now been told we have to pay back £7,000 for a new conservatory. We havent got this money and on the papers we recieved it said they can send the bailifs in and take our stuff. Can we add this amount on to the IVA. We are worried sick over this.

Hi Tanya ... just wanted to welcome you to the forum ... what a worry for you and your husband this must be ... one of the experts will be along shortly to give you a bit of advice.

Stay around as you are amongts friends here [:)]

Debbie

Hi Tanya

Sorry to hear about your husband's difficulties - the bulding trade is a difficult one, and when things go wrong it is always blamed on the builder!

An IVA will be an option for you if you have sufficient disposable income to make ongoing payments into an arrangement. You will need to discuss this with an IP who has experience of dealing with self-employed cases, as many of the larger "IVA factories" will not take on this sort of complex case.

Your husband will need to produce past trading accounts and future projections, so that the IP can see there is a secure business which can generate firstly sufficient money for you to live on as a family, and secondly that there is a surplus available to creditors.

I imagine that you also own your own house, so is there any equity in this which could be released and used to pay creditors? And are the debts just in your husband's name or yours as well? Also is he up to date with self-assessment payments to HMRC?

Hi and Welcome

just really want to confirm what Melanie says - don't wast your time by going to a national TV advertised IVA company - they probably won't be much help.

Why don't you give Melanie a call - I understand that she specialises in "the self employed" and has a great reputation on the forum.

Did your husband have any insurance at might pay for the damage to the conservatory ?

Good luck

Hi Tanya ... I would support Paul's advice in contacting Melenie ... she's really good ... and what's more, she cares [:)]

Let us know how you get on.

Debbie