Self-Employed IVA Case Studies

Thinking about a self-employed Individual Voluntary Arrangement (IVA)? Take a look at how we’ve helped other self-employed people in the following case studies.

Case Study #1 – Dealing With Unpaid Tax

We helped a self-employed dental surgeon who had an excellent income but had fallen into over £250,000 debt due to owing tax over a 2-3 year period and separating from her husband.

The tax authorities were taking legal action which would have affected her business, possibly resulting in the loss of expensive equipment and a major contract with the NHS.

Due to the legal action against her, a DMP wasn’t an option but a self-employed IVA was. Based on her surplus income over a 5 year period, the IVA provided a better return than bankruptcy – so after extensive negotiation the tax authorities approved the IVA.

Case Study #2 – Dealing With Bankruptcy Threat

At PayPlan we helped a partnership who ran a hairdressing salon, they contacted us only two weeks before their arranged bankruptcy hearing.

Due to their ill health the business suffered and they had to use credit to pay for living expenses. We requested the bankruptcy hearing to be postponed while our clients put forward an IVA proposal.

We assured the creditors that the IVA would provide a better return, as at the time the economic climate may not have resulted in the business realising its potential maximum value in bankruptcy.

The creditors approved their IVA and the bankruptcy petition was dismissed. The clients’ income improved and their home and salon weren’t sold – which almost certainly would have been the case with bankruptcy.

This client has since made every payment to their IVA.

Specialists In Self-Employed IVA Plans

With our expert knowledge and experience we are an ideal company to help you deal with your debts.

Our experience covers all aspects of personal debts and insolvency, we specialise in self-employed IVA’s so we can offer tailored and considered advice to anyone struggling with their debts. We understand the unique and complicated financial situations as a result of downturn in business, so we take a holistic and comprehensive approach to addressing debt.

We recognise that each business is unique and will consider all options, looking into multiple solutions for a client’s individual circumstances. We don’t charge clients for our services and they are under no obligation to use PayPlan or any of our recommended solutions.

Plus, our results do speak for themselves:

  • 70% of businesses seeking help from PayPlan enter into an agreed arrangement with creditors
  • 97% of PayPlan’s self-employed IVAs are approved by creditors
  • We receive 80% of the expected IVA payments from clients
  • When a payment variation is requested, we achieve a 99% acceptance rate from creditors.
Read more about the pros and cons of bankruptcy

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 help can begin straight away.

More Information On Self-Employed IVAs