Business IVAs | Self Employed IVAs

What is a Business IVA - What is a Self Employed IVA?

A Business IVA / Self Employed IVA is an IVA application where the applicant is a self employed trader and the debts are both business and personal debts. The applicant must declare all debts both personal and business when applying for the IVA. The Business can continue to trade in a Business IVA as long as it is making a profit and all the tax returns are up to date.
The creditors can refuse to accept a Business IVA and instead opt to make the business bankrupt. The creditors will calculate the assets of your business and then they will make a decision on its financial position. The worst case scenario is the business could be closed down and its assets liquidated to pay some or all of your debt.

Our Parent Company McCambridge Duffy are the UK and Irish leader in setting up Self Employed and Business IVAs. We have developed great relationships with creditors to ensure support for businesses in temporary financial difficulties. The key to a successful self employed IVA application is to show all the creditors that even though you are in debt the business can survive and generate a regular income, and you meet the regular monthly payments.

Business IVA / Self Employed IVAs Criteria

There is a set criteria you must meet when applying for an Business IVA / Self Employed IVA with IVA Northern Ireland. Anyone who meets this criteria for an IVA and has all debts solely in their name or jointly with another person can apply for an IVA. The criteria for IVA Northern Ireland is…

You have Debts of over £15,000
You have 2 or more creditors
You have Business and Personal Debts
You are struggling with your Debts or are facing Bankruptcy
You are Self Employed or are a Sole Trader

If you meet the above criteria a Self Employed IVA / Business IVA may be the right debt solution for you and you could have a large portion of your debts legally written off.

Apply for a Self Employed IVA / Business IVA with IVA Northern Ireland

To apply for Self Employed IVA / Business IVA you can call us free phone on 0800 043 3328 or visit our contact page to view our various methods of contact. If you would like some instant advice you can chat to an advisor anonymously right now by using our online chat console by clicking here.

Once you contact IVA Northern Ireland we will carry out an income and expenditure analysis which is a financial review of all your incomings and outgoings. Doing this allows us to work out your monthly disposable income; and therefore work out the amount you can realistically afford to pay each month into your IVA.
At this stage we can also work out how much of your debts you can afford to pay back and how much needs to be written off. To get an idea of this before contacting us you can use our Debt Calculator form on our website which lets you work out how much you are spending and how much you have left each month.

Once we draft up your IVA proposal we will send it out to you so that you can review it and sign it. We then contact your creditors with your IVA proposal. If the IVA proposal is accepted you will start to make the payments as agreed in the proposal. When you complete your IVA payments the remainder of your debts will be written of and you will be totally Debt Free.

In some cases you IVA proposal may be turned down, read our Rejected IVAs section for more information. Don’t worry though IVA Northern Ireland still has other options available to you, click here to read about the other debt solutions we offer.

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Business IVAs | Self Employed IVAs

What is a Business IVA - What is a Self Employed IVA?

Business IVA / Self Employed IVAs Criteria

You have Debts of over £15,000

You have 2 or more creditors

You are struggling with your Debts or are facing Bankruptcy

You are Self Employed or are a Sole Trader

Apply for a Self Employed IVA / Business IVA with IVA Northern Ireland

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