An IVA can offer the individual a chance to rid themselves of their historic unsecured debt and start afresh. Call Wilson Field for FREE confidential advice
I work for business recovery and turnover business, Wilson Field in the VA Department. I’m also getting married this October and currently my life seems to revolve around budgeting, planning, saving, diets and exercise.
Last month was the turn of the flowers in the latest thing ticked off my ‘to do’ list. I didn’t expect to enjoy planning quite as much but the florist has been by far my favourite. My inner 10 year old came out as I enjoyed doing collages, using PVA glue and picking out different brightly coloured flowers. We are using a local florist and have managed to negotiate a deal. We did this by working with our florist and working around our budget. I am a big believer in supporting local business so this suited me perfectly.
However, I couldn’t help thinking about all the green grocers and sole traders for whom I have processed IVA’s previously. In such an industry as floristry it is especially hard to compete with the supermarkets and giants in that market. Therefore a lot of smaller businesses struggle.
The sole traders that I deal with on a day to day basis are normally struggling to meet their overheads, in particular their tax liabilities. Being a sole trader means that the individual is personally liable to their creditors and therefore this can result in the person themselves being under a lot of stress from the demand of meeting their bills.