IVAs & your business

Running your own business can be very rewarding. There can be a lot of personal benefits – but when you’re faced with debt problems, being self-employed can leave you feeling alone.

Here at PayPlan, we want to help. We understand you need your business to keep operating in order for you to have an income, so we have tailored a popular debt solution to allow this to happen.

Self-employed IVAs allow you to keep trading while dealing with your debts.

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Self-employed IVAs

Self-employed IVAs are a popular alternative to bankruptcy, as they allow you to keep control over your business finances while managing your debts.

A self-employed IVA is a formal agreement between you and your creditors in which you make one affordable monthly payment to your creditors each month for a set period – usually five years – and they will freeze your interest & charges, and not take any legal action against you.

At the end of the agreed period, they will also write off any outstanding debts.

A self-employed IVA has a lot of benefits, but as it is a debt solution involving debt write-off, it will be recorded on your credit file. But if you’ve missed or defaulted on payments before getting in touch with us, it is likely that your credit record will be less than perfect already anyway.

After 5 years, your outstanding debts will be written off. Your IVA will be wiped off your credit file 6 years after your IVA was originally approved or as soon as it is completed if your IVA is longer than six years. Your self-employed IVA will also be listed on a public register, but unlike bankruptcy it won’t be published in any newspapers.

Is a self-employed IVA right for me?

A self-employed IVA has many advantages. Not only will you be able to avoid bankruptcy and maintain control over your business, but also most customers find their debts are cleared much quicker than if they had opted for a different debt solution.

If you want to carry on trading and regain control of your debts, this could be the solution for you.

If you’re interested in a self-employed IVA, call PayPlan FREE on 0800 280 2816. Our debt advisers will discuss your circumstances, and look at whether a self-employed IVA is right for you.

We’ll also look at what other options may be available if a self-employed IVA isn’t appropriate for you at the moment.

Qualifying for a self-employed IVA

To qualify for a self-employed IVA, you must have at least £7,000 in unsecured debts and be able to afford to pay at least £50 per month to your unsecured creditors.

Self-employed IVAs are available to:

  • Sole traders and people working in a partnership
  • Buy-to-let landlords
  • Self-employed construction workers
  • And anyone else who completes a self-assessment tax return 
  • Directors of limited companies

If you’re interested in finding out more about self-employed IVAs, but don’t know whether you qualify, our team of experienced debt advisers will be happy to help.

Simply call us FREE on 0800 280 2816or complete and submit a call back request.

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*In the case of a one-off lump sum settlement

More Information on IVAs