self employment after br?

nomis213

HI

Ill keep it short.
was self employed, got ill went on incapacity benefit and failed to keep up my payments to creditors, had advice from cab and decided to go BR this month.
Now iam better (still on benefit) and really want to get out there and work again. How do you run a business (sole trader) if yr BR? What about business accounts? I only have a cash minder acc from coop.
What affect will this have with the OR?

Any advice much appreciated.

debt_doctor

Hi,

There is nothing wrong with you becoming self employed again, your OR would have his eye on a possible future IPA !
You must trade under your own name or the name you traded under prior to BR.
The problem is the account. I feel you will find it impossible to open a business account,and would have to use your personal cash minder account.
The other issue is not being able to borrow more than £ 500 without informing the lender, this aplies to trade accounts too.
It will depend on what type of business you run as to the likelyhood of sucess.

DD

nomis213

Thanx for that Doctor, i charge for labour only (in the building trade)
How does the OR decide on IPA? Obviously if yr earnings are a lot higher than yr outgoing`s its quite obvious they will want to put into place an IPA, but is there a threshold amount yr allowed to make before the OR will decide on a IPA?

philnicandamy

You must have over £99 a month surplus cash after paying all bills (living expenses) etc before the OR will consider an IPA