The Self-Employed IVA Process

A self-employed Individual Voluntary Arrangement (IVA) is a significant debt solution that can help you continue trading, avoid bankruptcy, and ultimately pay off only a proportion of your unsecured debts. Here’s how we at Payplan can help you.

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PayPlan can help you!

We could offer you a solution that will reduce your monthly payments with the potential of freezing interest and charges, and even writing off some of the debt.

The options PayPlan can offer

The options PayPlan can offer vary depending on your situation, and there is no obligation to progress if you do not wish. We will simply talk through the different solutions to help you decide what is best for you. For more information on the solutions we offer/advise on, please see: DMP IVA Self-employed IVA DRO and Bankruptcy.

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

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What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

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What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.

After speaking to a PayPlan specialist about your debt, you’ll complete a full debt counselling session to ascertain that a self-employed IVA is the right debt solution for your needs. If a self-employed IVA is right for you, we will refer you to our associated company, PayPlan Bespoke Solutions. They aim to meet most of our clients face-to-face to explain their debt resolution options and to assess their business viability before they set up a self-employed IVA. The meeting can either be in PayPlan’s offices or at a location nearer to the client’s home.

Self-Employed IVA Process – Debt Counselling Session

We look at both the business’s debts and your personal finances – your income, expenditure, assets and creditors – and then work together to establish an income and expenditure for the next 12months. PayPlan Bespoke will then present this proposal to show the creditors that the business is viable and an IVA will be a sustainable debt solution for you to enter into.

All our self-employed IVAs take into account any seasonal fluctuations in the business, which provides necessary flexibility in the proposal and improves the sustainability of the IVA plan submitted to the creditors.

Self-Employed IVA Process – Full Support

Once a self-employed IVA is arranged, PayPlan Bespoke Solutions will assign an experienced case officer to you so you always get the support you need, and have a constant point of contact should you have any problems.

Self-Employed IVA Process – Suitability

If a self-employed IVA isn’t the most appropriate option, we will assess your situation to see if an alternative solution is more appropriate.

Each situation is different and we will always look at the individual case to help you choose the most suitable option.

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 316 1833 or use our debt help form, and your free debt help can begin straight away.

More Information On Self-Employed IVAs

• Self-Employed IVAs
• Pros And Cons Of A Self-Employed IVA
• Self-Employed IVA Case Studies