Self-Employed IVA

Self-employed? Manage your debt in affordable payments with a self-employed IVA

Running your own business can be hard work and you can do without the added struggle of managing debt. A Self-Employed IVA (Individual Voluntary Arrangement) is a debt management solution tailored especially for the self-employed.

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The Debt Write-Off Solution For Self-Employed People

With a Self-Employed IVA, you could be debt-free in as little as 5 years, and carry on running your business. A significant amount of your business and personal debt can be written-off, and you repay the rest in manageable monthly payments – with no more adding of interest, no more legal action threats, and no more chasing from your creditors.

The other advantages of a Self-Employed IVA are:

  • Continue using essential trade suppliers and lines of credit
  • Keep any tools, machinery and stock you need for your business
  • Structure your debt repayments to fit in with your cash-flow

In a Self-Employed IVA, you will need to keep to a budget, but your business and personal debts will all be taken care of – and you’ll still have enough money left over to run your home and business, buy clothes and food for you and your family, and keep up to date with all your essential outgoings.

How can a self-employed IVA help you?

A Self-Employed IVA is less restrictive than bankruptcy as it allows you CONTINUED CONTROL OVER YOUR BUSINESS finances, while giving you peace of mind and a more positive financial future.

In short, it’s a clear and straightforward way to clear your debt with regular, affordable payments. A Self-Employed IVA is a legally binding agreement between you and your creditors. It helps you to avoid bankruptcy or liquidation by you taking responsibility for PAYING OFF PART OF YOUR DEBT over a fixed period of time. At the end of the period (usually around five years) and providing you keep to your agreed repayment schedule, your creditors agree to WRITE OFF THE OUTSTANDING BALANCE of your unsecured debt.

In many instances, a Self-Employed IVA can cancel out a significant proportion of unsecured debt and works to prevent further demands and threats from your creditors.

Is a self-employed IVA right for me?

For many people like you, a Self-Employed IVA is the preferred solution. It helps avoid bankruptcy and the negative impact it can have on your business future and lifestyle. If you are looking for a debt solution that enables you to carry on running your business and, most importantly, allows you to enjoy living your life outside of work, a self-employed IVA could be right for you.

A Self-Employed IVA is available to:

  • Sole Traders
  • Construction Industry Scheme (CIS) Workers
  • Partners within a Partnership
  • Limited Companies
  • Buy-to-let landlords

To qualify for a Self-Employed IVA with PayPlan Bespoke Solutions, you must have a viable business with a debt of £7,000 or more. It’s a practical, easy to-understand debt solution that enables you to manage your debt WITHOUT WORRY or despair. (Self-Employed IVAs are not available in Scotland – read about our alternative debt solutions for Scottish businesses).

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Check out your other options

Before embarking on a Self-Employed IVA, our financial experts will advise you about the other options open to you. We advise on a VARIETY OF DEBT SOLUTIONS to help you take control of your business and your future. We offer impartial advice, tell you about the pros and cons of each and explain what effects your decision can have on you, your business and your future finances.

Specialists In Self-Employed IVAs and Business Debt

Our associated company, PayPlan Bespoke Solutions have a large team who are handle a vast amount of cases each month, all headed by a Chartered Accountant and licensed Insolvency Practitioner with over 15 years’ experience in Personal Insolvency.

Self-Employed IVAs – What Next?

As a next step, contact PayPlan for free & immediate advice regarding self-employed IVAs. There may well be a number of debt solutions that are appropriate to your needs. Telephone free on 0800 280 2816 or use our debt help form, and your free debt advice can begin straight away.

How about the ‘small print’?

At PayPlan, we believe our clients should take responsibility when dealing with their debts. But we’re always here to offer free advice whenever you call. By taking control of your debt, you can look forward with confidence, dealing with your business and ENJOYING LIFE AGAIN.

Before taking on a Self-Employed IVA, you should be aware that failure to maintain your agreed repayment terms may result in your IVA failing and your creditors could then take steps towards making you bankrupt and reapplying interest and charges.

In some cases, creditors may not even approve a Self-Employed IVA.

Starting on a Self-Employed IVA means you will be entered onto a public register and your credit rating, and as a consequence your business, could be adversely affected. Your IVA monthly payments may be lower than your contractual payments but due to this reduction your creditors may request that your repayment period be extended.

A PayPlan Bespoke Self-Employed IVA  can only be offered to UK residents (except Scotland).

*PayPlan refer clients to PayPlan Bespoke Solutions Limited and PayPlan Partnership Limited for IVAs.

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Self-Employed IVA client reviews

Self-employed IVA
We rate 4.8 out of 5 based on 24 reviews

Self Employed IVA (Bespoke)

Was a relief to sort out the debt with this company, as very understanding

Self Employed IVA (Bespoke)

Very good put my mind at rest. Not sure what happens at end of 5years though

Self Employed IVA (Bespoke)

I went into an IVA after not being able to cope with the ever growing financial problems. I went to Payplan as there were no fees involved for myself. I think in the first place I was wrongly advised on two accounts, firstly to sell my house to pay off some debts, and secondly as my wife was involved in three of the debts, not to have transferred these into my name so that we didn’t have two IVAs running and no house. Since then there have been no issues with the IVA until last November when we offered a settlement figure. Although this was accepted it has so far taken 7 months to complete and still no completion letter. Also I was not told that even if you pay off the IVA early, it still stays on your credit file for the full term making it difficult to get anything that would involve a company viewing your file. All in all I have been pleased with the setting up of the IVA but not happy with the advise and the time to wrap up the IVA once concluded

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