Sole Trader Advice

Self Employed IVA

If you are a Sole Trader you can continue to trade without affecting your business or your reputation with a Self Employed IVA.

What Is A Self Employed IVA?

A Self Employed IVA enables you to clear your debt by making affordable monthly payments , after your living costs are taken care of , for 5 years. Once your IVA is completed any unpaid debt is written off.
The debt write off is part of the legally binding agreement between you and your creditors agreed at the start of your Self Employed IVA.

Do I Qualify For A Self Employed IVA?

A Self Employed IVA is available to all Sole Traders and includes the following business types :

Partnerships

Buy To Let Landlords

Builders and Construction Workers

Complete The Form Below To Request A Callback


To Qualify you must have at least £10000 of unsecured debt and you can include HMRC or VAT debt and have 2 or more creditors.

Next Step

To speak to a Self Employed IVA Consultant please call 0161 638 3895. We offer a face to face meeting either at your place of work or home . You can also complete our contact form and we will call you back.

Lines are open 9am-8pm Monday to Friday and 10am-4pm at weekends.

Advantages and Disadvantages of an IVA.

Advantages

  • You only make a single payment each month to the Insolvency Practitioner, who will then administer and distribute your payments
  • All contact from your creditors will stop once the IVA is accepted
  • We will help you prepare your application, including agreeing the level of your household and personal spending based on guidelines acceptable to creditors
  • If the IVA is accepted then no legal action can be taken by any of your creditors whilst the arrangement is in place
  • You could be cleared from your existing debt within 5 years
  • If the IVA is accepted then interest and charges will be frozen
  • A viable alternative to bankruptcy
  • On completion of the IVA, the balance of what you owe your creditors is written off
  • You may be able to continue running any business you have.

Disadvantages

  • If you do not adhere to the terms of your IVA you may face Bankruptcy
  • Your credit file will be adversely affected for 6 years from the date that your IVA is accepted
  • You will be unable to obtain further credit while the agreement is in place
  • You will be required to remortgage to release equity in your property
  • Any large or valuable assets may have to be sold to release their value

How We Work

Make Your enquiry either via telephone, by completing the form or via Live chat
Following your enquiry you will have a free consultation
Once we ascertain your situation we can move forward swiftly with implementing your solution.
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