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FAQs

Debt solutions

Our Debt Solution FAQs address the most common questions regarding our debt solutions, assisting you in understanding how they function and whether one is suitable for you.

What is the Insolvency Register?
Your name will be listed on this public register during your and for three months after your IVA completion, but it’s primarily accessed by creditors and lenders.
How does the IVA affect my credit rating?
Your IVA will stay on your credit file for six years, affecting your ability to borrow. After completion, it will be marked as complete on your file.
Do I have to keep paying tax, National Insurance and VAT?
Yes – you must keep paying these as usual during your IVA. You can include any tax or National Insurance owed up to the end of the tax year in which your IVA is approved, as well as any VAT arrears up to the start of your IVA.
Can I keep my business bank account?
You can usually keep your business bank account. However, if it’s significantly overdrawn or linked to other debts with the same bank, you may be advised to open a new account to protect your money.
What fees are involved?

Our sister company, PayPlan Bespoke Limited, manages the IVA arrangement. Their fees are included in your monthly payment and are only deducted once your IVA is approved by creditors. If your proposal is rejected, you won’t be charged for the work done so far.

The fees for an IVA are split into two types:

  1. A Nominee’s fee of £2,300 and
  2. A Supervisor’s fee of up to £40 per month, based on the level of your payments.

If any additional sums are paid in during the term of the IVA, a further fee of 20% of the funds received may be applied.

How are payments calculated?

You’ll create:

  • A business budget projecting income and expenses for 12 months, including tax and National Insurance provisions.
  • A personal budget covering household costs like rent/mortgage, bills and essentials. The money left over after expenses is what you can afford to pay your IVA each month.
What if I owe money to my suppliers?
A Self-Employed IVA has a degree of flexibility so you can prioritise payments to suppliers who you need to keep trading with.
How long does a Self-Employed IVA last?
Self-Employed IVAs usually last for five years, but can extend to six years if you own a home with equity above the threshold or if reduced payments are necessary due to changes in your business.
Will I lose my home or car?

Unlike bankruptcy, you won’t be forced to sell your without your agreement.

Under the 2025 IVA Protocol[1], you’ll not lose your home as a result of the IVA, if you have a level of equity of £10,000 or more you’ll need to make an additional 12 payments into your IVA, extending it to six years. Learn more about the equity clause.

You may be asked to sell a high-value car, but you can keep a vehicle essential for work or daily life, typically under £8,000 in value.

Can I keep trading while in a Self-Employed IVA?
Yes. One of the main benefits is that you keep full control of your business and can continue trading while repaying your debts affordably.