please help on IVA

diane118

hi my daughter and her husband are in alot of debt at the moment my daughter is on a DMP has been for 1 and half years her husband has debts as well which at the moment he is paying they amount to £700 a month.
They are finding it hard to manged as her husband is selfemployed and does not always have work she was thinking of them both going on an IVA do the take selfemployed on them if so how do they work out his wages each month. thanks Diane

rjones_4

I know some one who was self employed and in an IVA - according to them the IVA firm averaged out the profit over a number of months but built in some additional contingency to balance out the good and bad months.

Max_1066

I'm self employed and completed an IVA. It was a one off IVA however the principal is the same. The IP will need to see all your accounts (personal and company) to work out your I&E.

The problem is that if your income increases so would your contributions so there's little or no incentive to do this. I decided to do a one off IVA using money from a family member. This meant it was over in a few months and its now completed. Credit history is wrecked however I'm now free to grow the business.

p.s. not all IVA companies will consider self-employed applicants. I used Grant Thornton (referred by CCCS) and would NOT recommend them.