Applying for a Self-Employed IVA

A self-employed IVA will put an end to the worries you have about being in business debt. While you repay an affordable amount every month, you can continue to trade – and at the end of the arrangement (usually five to six years), your creditors will write off the remaining unsecured debt. It’s a fresh start for you and your business.

When you apply for a self-employed IVA, this is what you can expect:

  • We’ll go through your business debts and personal situation, including your income, expenditure, assets and creditors, via either phone call or email conversation. We’ll then establish a forecast for the next twelve months and your IP will then draw up a proposal.
  • This proposal will then be presented to your creditors, showing that your business is viable and your IVA is likely to succeed.
  • Within two to three weeks, your creditors will decide whether to accept your IVA (the vast majority of IVA cases we put forward to creditors are accepted). If they accept it, you are protected from creditors taking legal action to chase you for your debts, while still being able to continue trading.

If the proposal is not approved or you change your mind, then our team can help you find another way to deal with your debts.

  • After the first twelve months, your Insolvency Practitioner (IP) will review the progress of your IVA with you and check whether you have had any change in circumstances that affect your payments. This type of review will happen every twelve months. You and your creditors will also receive an annual report as a record of how your IVA has been running.
  • Shortly before it comes to an end, we will review your arrangement to make sure you’re on track to complete your IVA on the expected date.
  • After 60 months, (this could be longer in certain cases), your final payments will be made to your creditors and your IP will confirm that your arrangement has been fulfilled. Your IVA will be removed you’re your credit file six years after the date from which you started it, meaning that it’ll improve once the IVA has finished.

Need to know more? You can find answers to some of the questions we’re frequently asked about self-employed IVAs. Remember, your IP will be there to support you throughout the duration of your arrangement, so feel free to get in touch at any stage. Good luck!