Posted: Sun Jan 14, 2007 8:21 am
I am self employed , would I still be able to apply for an IVA ?
Good luck!
All I have left is my humour.
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Posted: Sun Jan 14, 2007 8:42 am
Yes, you can as they were created for the business community to get a fresh start. Someone will be along soon to explain the different business owner status,i,e., sole trader,etc. Very helpful folks here. Feel free to ask any questions relating to IVAs. Goodness knows I do.
Good luck!
All I have left is my humour.
Good luck!
All I have left is my humour.
Posted: Sun Jan 14, 2007 9:14 am
Hi Andrew
The fact that you are self-employed makes absolutely no difference to your ability to propose an IVA. There are some key things, though, that your insolvency practitioner will need to see:-
1) Your most recent trading accounts
2) Some trading projections for the next year.
3) Details of any monies owing to HMRC (the old Inland Revenue and VAT office)
With most self-employed clients, whilst I like to see regular monthly contributions coming into the IVA, there has to be a little leeway for peaks and troughs of trading. Tell your IP that you want your payments to be calculated on a quarterly basis, so that you ensure that you have enough contingency to cover poor trading months.
Good luck and don't forget to post here if you need any further advice.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
The fact that you are self-employed makes absolutely no difference to your ability to propose an IVA. There are some key things, though, that your insolvency practitioner will need to see:-
1) Your most recent trading accounts
2) Some trading projections for the next year.
3) Details of any monies owing to HMRC (the old Inland Revenue and VAT office)
With most self-employed clients, whilst I like to see regular monthly contributions coming into the IVA, there has to be a little leeway for peaks and troughs of trading. Tell your IP that you want your payments to be calculated on a quarterly basis, so that you ensure that you have enough contingency to cover poor trading months.
Good luck and don't forget to post here if you need any further advice.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk