If you can help your a genius!

shocktactics69

Hi all, apologies in advance as I am really confused and unsure of my best way forward.
Backround - been working all my life but struggling with debts childcare bla bla, had enough and went on jobseekers as wanted to find something more flexible.
Recently started my own business to try and earn a living around childcare costs.
Have around 23k in debts with about six creditors which was ok until out of work but now have arrangements in place with most apart from MBNA which has been passed to prestons solicitors and they called to say hi pay up or charge going on your house...great scared the hell out of me...can I not pay them a small amount?.

I live with partner but debts mine so dont want to declare joint income etc as seperate finances and pay my way in rent so wondered how to not include him in IVA, or even income and expenditure???he knows all about it but want to treat myself as seperate if I can so need advice on best option.

Also I have a house I rent as couldnt afford mortgage a couple of years ago so moved in partners and rented house out which pays mortage and insurances but not much else....small amount of equity but dont want to sell as will never get a mortgage and want security of a home for me and daughter if all goes wrong.

I am on tax credits as low income as just starting a new business so can afford to pay towards debts or IVA as low outgoings and paying £100 per month to debts now but what do I put for income as such early stages of self employment I have earnt about £50 so far but may get better just dont know what to declare?

Phew, thats it....any guidance would be great.:(

Tixy

Hi

Have you had some professional advice from a charity or an IP on an IVA and if it would be appropriate for you, particularly given your unstable/potentially fluctuating income? Or whether another option might be more appropriate?
You can certainly do an IVA based on your finances (though obviously you can only include what would be considered reasonable as your share of household costs etc). The IP would help you with this and coming up with reasonable costs and how to include your own property in your statement of affairs etc.

MBNA seem currently to be very quick in starting court proceedings and getting charging orders against properties - and it sounds like you own your property is just in your name alone? (the one you don't live in). You can pay them just a small amount if they'll agree to it but if you are in arrears they can certainly start court proceedings to get a CCJ and try to obtain a charging order - you would need to try and argue your case in court why this charging order should not be granted (national debtline website has a useful factsheet on possible reasons).

shocktactics69

Hi thank you for that,
Yes I do own my home in my own name, really took me by surprise when said about a charging order... didnt discuss payments at all!
Would you recommend any good IPs to discuss it with? I have been considering IVA for a while but so scared about losing all my banking facilities as they help me out sometimes when times are hard...rob peter and pay paul scenarios.
I am also worried about starting a new business with an IVA, will that impact on me?
great help thank you

smartiedriver_2

A bank is unlikely to give you a business account if you have an IVA, just like they won't want to give you a (normal) current account in most cases. If you were thinking of a Limited Company then if you were a director you would be personally credit searched on a/c opening and again the account declined.