Write-off unaffordable debts and continue to trade with an IVA

Benefits of a Self-Employed IVA

• A substantial amount of your business and personal debt could be written off
• You can keep trading, using suppliers and lines of credit and keep any stock you need for your business
• You can structure repayments to suit your cash flow
• Interest and charges will be frozen, and your creditors cannot take any legal action against you
• You make a single, affordable monthly payment and the set up fees are included in this
• Your business assets are protected and your home will be safe

Things to be aware of

• Your arrangement will be on your credit file for six years and could affect your ability to get further credit
• Your name will be included on the Insolvency Register.
• It’s likely you’ll need to open a new bank account that isn’t linked to your business
• An IVA allows you to write off unsecured debts; it won’t help you to clear secured debts such as a mortgage.
• There’s a risk of bankruptcy if you fail to keep up your agreed payments

How can I apply for a Self-Employed IVA?

Applying for an IVA with us is simple, easy and stress-free. Here’s how it works:

• We’ll start by making a full assessment of your circumstances which you can do with our free online debt solution tool or by speaking to a member of our specialist self-employed team on 0800 316 1833 .
• If we think an IVA is right for you, an IP from PayPlan Bespoke Solutions Ltd will help you put together a forward-looking business cash-flow for the next twelve months, projecting the income and expenditure of the business.
• These payments can be flexible, taking into account any seasonal fluctuations in income. Your IP will support you throughout the arrangement until you are debt-free.