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Bankruptcy or IVA
simplemind_2
Posts: 18 Forumite
in IVA & DRO
Hi Everyone.
I am self-employed and have a small shop. My total unsecured personal debt is around £19000 and around £1000 over draft on my business account. I have really been struggling to make payments on my debts for the last few months and missed payments on two of my credit cards this month. Only asset I have is my car, which is worth about £300. I have spoken with Payplan and they have advised me to start an IVA, they are sending the paper works for me to sign. When I went through the CCCS online debt remedy tool it advised me to go bankrupt. My disposable income after all outgoings is about £100.
My questions are, do I need to include the business over draft on the IVA? If I move in with my partner in future, will her earnings have to be included on the IVA? If I go bankrupt, do I have to close my shop? Will having an IVA or Bankruptcy affect negatively when I decide to rent a property with my partner? I know the letting agents do credit checks.
Sorry, lots of questions. Thanks for your advice.
I am self-employed and have a small shop. My total unsecured personal debt is around £19000 and around £1000 over draft on my business account. I have really been struggling to make payments on my debts for the last few months and missed payments on two of my credit cards this month. Only asset I have is my car, which is worth about £300. I have spoken with Payplan and they have advised me to start an IVA, they are sending the paper works for me to sign. When I went through the CCCS online debt remedy tool it advised me to go bankrupt. My disposable income after all outgoings is about £100.
My questions are, do I need to include the business over draft on the IVA? If I move in with my partner in future, will her earnings have to be included on the IVA? If I go bankrupt, do I have to close my shop? Will having an IVA or Bankruptcy affect negatively when I decide to rent a property with my partner? I know the letting agents do credit checks.
Sorry, lots of questions. Thanks for your advice.
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