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Entrepreneurship can transform your financial future, but how do you deal with debt from your past? One of the most commonly asked questions about starting your own business is whether you can do so if you have an IVA.
An IVA, which stands for Individual Voluntary Arrangement, is a government supported way of dealing with debt, where you pay off a small percentage of it (monthly, according to what you can afford), and the rest gets written off after five years. `An IVA can rescue you from bankruptcy, protect your assets and get rid of your debt for good (if you’re looking for more information, IVA Advice offers free, qualified information on debt and IVAs).
While starting a business if you have an IVA is more difficult than if you had a totally debt-free past, it is definitely possible, and much easier to do so than if you had been made bankrupt.
We’ll look at all the issues you might face while trying to start a business with an IVA, and how to manage them.
Can you start a business if you have an IVA?
You can start a business either as a sole trader or the director of a limited company if you have an IVA, but you will need to prove that your business makes enough income to cover your payments.
You may find it more difficult to get approved for a business bank account and loan and for necessary coverage, such as Public Liability Insurance.
In this article, we’ll cover the details of starting your own business and opening a business bank account if you have an IVA, your chances of getting approved for a business loan, an… Read More
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