When to consider a self-employed IVA

If you work for yourself, and you’re struggling to pay your debts, it could be time to consider entering a self-employed IVA.

A self-employed IVA allows you to pay just one affordable monthly payment for an agreed period of time – and after this time (usually 5 years), the remainder of your debts will be written off, leaving you debt-free.

So, if you’re struggling to make ends meet – and need some support – get in touch with PayPlan.

We’re here to help you – and after 20 years of getting our customers back on the right track, we know which debt solutions are the most effective.

When a self-employed IVA might be suggested:

A self-employed IVA is likely to be suggested if you normally complete a self-assessment tax return, and:

  • You can’t afford to repay your unsecured debts
  • You owe a total of at least £7,000 on at least two lines of credit
  • You would like to continue to trade
  • Based on the amount you can afford to pay your creditors each month, it would take more than 5 years to repay your debts in full
  • You wish to avoid bankruptcy
  • Your creditors are threatening legal action, and you want to be protected against this
  • You would like a guarantee that your creditors will freeze interest and charges

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What debts can be included in a self-employed IVA?

In reality, most types of unsecured debts can be included in your self-employed IVA – for example:

  • Credit cards, overdrafts and personal loans
  • Store cards and catalogue debts
  • Payday loans
  • Council tax arrears
  • Utility arrears – e.g. gas, electricity, water, phone
  • County Court Judgments (CCJs)
  • Rent arrears from previous properties
  • Loans from family or friends
  • HMRC debts (including benefit over-payments)

Contact PayPlan for free debt help & advice

You can get in touch with PayPlan by calling FREE on 0800 280 2816. Our debt advisers are on hand to take your calls from 8am-8pm Monday to Friday and 9am-3pm on Saturdays.

Alternatively, let us call you – request a call back by clicking on ‘Get advice now’ below.

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