What is a self-employed IVA?
Self-employed IVAs were first introduced under the Insolvency Act 1986. They were designed to be an alternative to bankruptcy – with the intention of making it easier for self-employed individuals to continue to trade, without the restrictions imposed by bankruptcy.
In bankruptcy, your business may not be able to continue trading, as your assets would be sold and any employees would be laid off.
The aim of an IVA is to allow you to continue to trade, retain your assets, and protect the jobs of any employees.
You make one affordable monthly payment to your creditors, and if you stick to all the terms and conditions in your IVA proposal, the rest of your debt will be written off at the end of the arrangement.
For more information about how a self-employed IVA works – read our detailed guides below, or contact one of our debt advisers
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