| Author |
 Topic  |
|
|
shorty.27
Starting Member
1 Posts |
 Posted - 15 June 2010 : 20:10:02
|
| I have recently set up my own business after being made redundant and although I am loving being my own boss, it is hard work and I am not taking a great wage home at the end of the month just yet! I am on a shared ownership scheme with my property and have 42% ownership, however after getting the property valued recently it is in negative equity. I have a little over £24,000 in debt and I am looking at the best options, any advice to get me out of this situation would be much appreciated as I am concentrating on the debt and how to pay the bills rather than bringing new business in for my business so that I can get paid! I have heard that IVA's are great but often the debts are sold on and they creep back up on you years down the line, I also have a car on a 3 year lease which is coming to an end at the end of september, I need the car for work and can not afford the bloon payment at the end! argh!!! Please help! |
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 June 2010 : 22:07:17
|
Hi Shorty
welcome to the forum
I would speak to one of the experts and see if they can help arrange a short term plan. DMP rather than IVA as you need the flexibility to help promote the business. it is very important to get the correct advice now rather than chasing your tail later
I think that opting straight for bankruptcy could ruin the new business.
i would suggest speaking to paul at Reviva so he can help structure the business away from your debts and as you say that will enable you to concentrate on the new business
good luck regards Richard
24K debt does sound |
 |
|
|
RHB
Senior Member
1159 Posts |
Posted - 16 June 2010 : 07:30:47
|
| In an IVA all interest will be stopped & you will be protected from creditors. Best thing is to look on the iva sister board to see if the experts there havea ny advice. |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 June 2010 : 14:27:57
|
Shorty
I do not know all of your circumstances but from what you have typed an IVA may be too inflexible and your current situation.
a short term DMP may also have the advantage of fixed interest, but gain knowledge from a number of the experts then you can take the course of action that is appropriate to your situation.
although RHB & I appear to disagree on the course of action, i think that we may agree that the most important thing is too take advice soon before it effects your new business venture.
regards Richard |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 16 June 2010 : 16:25:15
|
| I wasn't necessarily saying go for an IVA, just look at the site because there are experts there who can help self employed people to do an IVA if they wish to. |
|
|
|
Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 17 June 2010 : 09:15:33
|
Hi Shorty
I think the answer here is, as the previous posters have said - you need to get advice regarding the alternative courses of action and the advantages and disadvantages of each one before you make any decision.
In answer to your question, if you eneter into an IVA, the debts you have at the time are bound into it and they can only pursue you for it later if the IVA fails - this applies even if the debts are sold on to a third party
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
|
|
| |
Topic |
|
I have recently set up my own business
