Write-off unaffordable debts and continue to trade with an IVA
If you’re self-employed, a Self-Employed IVA is an effective alternative to bankruptcy. It’s easier for you to continue to trade, without the restrictions imposed by bankruptcy as well as retain your assets.
You can be debt-free in as little as 5 years, with a significant amount of your business and personal debt written off. There’ll be no more threats of legal action, no more chasing from your creditors and no interest added.
The part that isn’t written off will be paid back in one affordable, monthly payment, and any unsecured debt you’ve got left after your IVA is finished will be written off.
Benefits of a Self-Employed IVA
- A substantial amount of your business and personal debt could be written off
- You can keep trading, using suppliers and lines of credit and keep any stock you need for your business
- You can structure repayments to suit your cash flow
- Interest and charges will be frozen, and your creditors cannot take any legal action against you
- You make a single, affordable monthly payment and the set up fees are included in this
- Your business assets are protected and your home will be safe
Things to be aware of
- Your arrangement will be on your credit file for six years and could affect your ability to get further credit
- Your name will be included on the Insolvency Register.
- It’s likely you’ll need to open a new bank account that isn’t linked to your business
- An IVA allows you to write off unsecured debts; it won’t help you to clear secured debts such as a mortgage.
- There’s a risk of bankruptcy if you fail to keep up your agreed payments
“PayPlan have been helpful and understanding at every point of contact, and in helping me manage my debt. Couldn’t ask for more, and it’s such a relief to now have my debts under control.”
Ruth, Trustpilot review 2019
How can I apply for a Self-Employed IVA?
Applying for an IVA with us is simple, easy and stress-free. Here’s how it works:
- We’ll start by making a full assessment of your circumstances which you can do with our free online debt solution tool or by speaking to a member of our specialist self-employed team on 0800 280 2816.
- If we think an IVA is right for you, an IP from PayPlan Bespoke Solutions Ltd will help you put together a forward-looking business cash-flow for the next twelve months, projecting the income and expenditure of the business.
- These payments can be flexible, taking into account any seasonal fluctuations in income. Your IP will support you throughout the arrangement until you are debt-free.
- 90% of the IVA proposals we put forward to creditors are accepted.
- Your payments can be flexible to suit your cash flow
- Since our creation in 1992, we’ve helped over 1 million people to become debt-free.
Apply for a Self-Employed IVA today
To apply for a Self-Employed IVA, simply call our friendly and supportive helpline team for a confidential chat about your finances on 0800 280 2816. Our opening hours are 8am to 8pm, Monday to Friday, and 9am to 3pm on Saturdays.
Rather get your debt solution online?
We created our online debt solution tool, PlanFinder, so that you can get your debt solution online if you’d prefer not talk to anyone about your finances just yet. Completing the step-by-step form takes around 15 minutes, and you can then set up your debt solution by WhatsApp or email.