What`s next?

Confused_Mother

I`m in need of help and advice. My 25 yr old still living at home took out loans when 18 ended up doing IVA paid for about 2yrs then lost job. Had a few letters but has heard nothing from any of companies since. Now wants to start own business. What`s the next thing to do?

Fire_Fox

This might be better placed on the IVA board. But probably the first thing to do is to get a copy of his credit reports (Experian, Equifax, CallCredit) to see what the 'state of play' is. Links to how to do this are on the Credit Cards board I think.

Is it really a good time to start his own business? Does your DS/ DD have any qualifications or experience in running a business? Has he done all the market research and written a business plan?

Confused_Mother

Ok thanks will try that. But as it has been so long since hearing from creditors will this digging around bring them back on the scene?

No he has no qualifications, he left school at 16 to work as labourer for various landscape gardeners through the years and has learnt his craft on both manual and business sides. Are his debts going to be a problem?

GreyPilgrim

Confused_Mother wrote: »

Are his debts going to be a problem?

Not sure about whether the debts will be a problem or not. Will he be applying for loans for startup purposes? Does he have anything saved to use for startup?

Confused_Mother

No, he needs no money to start up and I don't think he'll want to apply for a loan again in a hurry after his previous experiences ! Luckily enough the last person he worked for was a very good family friend who retired to France and left him the business name and nearly all necessary tools.

Will he need/be able to open a business account? He currently has a Natwest Step account as this was the only option available with his credit file.

Confused_Mother

Any advise greatly appreciated.

MrsTinks

An IVA is a legal agreement... who was managing it for him/her and when exactly did they stop paying?

Confused_Mother

It was DebtMatters and the whole thing seemed like a back street broker job with one phone call and one form and that was it!! IVA entered!

He kept up payments for roughly 18 months but was never able to properly keep in control. Then a IVA falied letter turned up and that was that, and nothing since from DM or any other creditors for the 18 months since failing.

LilacPixie

This might be better placed in the IVA fourm. I was under the impression that if an IVA failed then the creditors then petitioned for your bankruptcy

Confused_Mother

LilacPixie wrote: »

I was under the impression that if an IVA failed then the creditors then petitioned for your bankruptcy

If this was the case would he not of heard something by now 18 months down the line?

MrsTinks

I'll move this to the IVA board in a second - however I would strongly suggest that your son contacts one of the debt free charities in my signature...
Has he moved address since the IVA?
And the exact date is really really important! There is a chance SOME of the debts might be statute barred - but it's not certain and depends on the type and dates etc...
As for debtmatters... of course they're cowboys