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 problems 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?
If you work for yourself and sell goods or services, you may be classed as a sole trader. Self-employed or Bespoke IVAs are available to anyone who works for themselves and completes a self-assessment tax return. Below are a few examples of occupations that might qualify for a self-employed IVA:
- Construction Industry Scheme (CIS) Workers
- Buy-to-let landlords
- Childcare providers
- Freelance designers
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).
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, email us at firstname.lastname@example.org or use our debt help form, and your free debt advice can begin straight away.
Self-Employed IVA client reviews
Great company very easy to talk to I recto and it to any one struggling to pay credit cards loans … They reduce my monthly payments from £700 to £120 just over 2 years to go and I can be debt free again. Thank you payplan
Payplan have always been helpful, considerate and easy to deal with. They understand the problems we have and are considerate in their response to our enquiries. We would recommend Payplan to anybody who needs help with financial difficulties.
Very good, very helpful and understanding staff.