Obtaining Business Finance whilst in a personal IVA

[Telecom]

Both my wife & I entered in to an IVA in February this year. I am a Director of a Limited Company and though all obligations under the IVA agreement are being met, I need a cash injection to allow me to take the business to the next level. With my personal credit rating now, understandably, being very poor, how and who do I approach to obtain the necessary finance needed for the company? The amount required is �15k

[shomer42]

Presumably the IVA prevents you from obtaining further credit? Can your wife obtain the loan for the company? Be careful of course. It may be possible to get a bank loan for �15,000 with your wife as guarantor if she was a director. I would suggest you speak to your accountant in case he can recommend a bank.

[shomer42]

My apologies I note you said your wife is also in the IVA. the IVA itself will not affect the credit rating of your company. You could therefore seek a bank loan secured against company assets, or unsecured (unlikely they would be that generous), or secured against company assets with you and your wife as guarantors. Sometime an IVA will prevent you from obtaining further credit and sometimes not. I would say acting as guarantor is seeking further credit.