Iva And Running A Business

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okeydokey
okeydokey Posts: 100 Forumite
in IVA & DRO
Hi, my partner and I both run our own business together, we are looking to each do an IVA and continue to run our business, would love to hear from anyone in business who has entered into IVA and carried on trading for hints and tips etc

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  • pennypinching_2
    pennypinching_2 Posts: 94 Forumite
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    Hi Ive entered into an IVA and run a very small business from home and the IVA hasnt affected a thing with my business
  • moneysavingplumber
    moneysavingplumber Posts: 832 Forumite
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    There are certain companies that specialise in IVAs for the self-employed. I did mine through one of these and found it relatively painless, in some ways easier than I think I would have had I been employed.
  • ellie660
    ellie660 Posts: 1 Newbie
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    We had a large bar and restaurant and had an IVA approved in June. The bank account and credit cards were hardest to sort. We took cash or cheques only, and used a basic personal bank a/c for the business. It was a pain but didn't last long.We sold the business in July and our creditors got 60p/£1.
    My tip is be honest with anyone who needs to know about your situation you will be AMAZED at the amount of support you get. People who say anything negative - remind them that you could have considered bankruptcy and your creditors would have received nothing. Make sure you keep a contingency fund for emergencies both personal & business as theres no way you can borrow any cash at all from now on. Good luck!
  • Ntini
    Ntini Posts: 3 Newbie
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    I have also heard about it, its a good thing and it helps in business too.
  • Toomuch
    Toomuch Posts: 9 Forumite
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    Does anyone know if you are still allowed to be a director of a Ltd company if you have an IVA? My husband and I are on a DMP with CCCS but again are in a similar situation to the OP and considered an IVA. We run a Ltd company and are both directors.
  • CCCS_Matthew
    CCCS_Matthew Posts: 922 Organisation Representative
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    Toomuch wrote: »
    Does anyone know if you are still allowed to be a director of a Ltd company if you have an IVA? My husband and I are on a DMP with CCCS but again are in a similar situation to the OP and considered an IVA. We run a Ltd company and are both directors.

    You can be a director of a company if you have an IVA. Only bankruptcy has the restriction where you cannot. If you are considering an IVA, I would suggest you ring for a review to see whether an IVA is feasable based on your current situation.

    Hope this helps,
    Matthew.
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • podkez
    podkez Posts: 4 Newbie
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    Hi Okeydokey,

    i am in the same situation now... im thinking of IVA but want to know if it will affect my business accounts? i.e will i have to down grade my bank accounts or worse case will lloyds tsb close my accounts?

    thanks

    podkez
  • jsinghb
    jsinghb Posts: 16 Forumite
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    If you have a credit card terminal machine in your business issued by Barclay card, will this be cancelled by Barclays if they are one of your creditors in an IVA?
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