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
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.