-
First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.
. . .Andrewvia TrustPilot
An IVA for a Self Employed trader is a little bit more complicated as it can involve both personal and business debts. In an IVA your business can continue to trade, as long as it is making a profit and as long as the tax returns are up to date.
Creditors can refuse to accept a Business IVA and instead opt to make the business bankrupt. They 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.
We are part of McCambridge Duffy, who are one of the industry leaders in arranging IVAs for self employed people and businesses. We have developed great relationships with creditors to ensure support for businesses in temporary financial difficulties.
All advice is free, private and confidential. Your information will never be passed to any third parties.
Criteria for a Business IVA
There is a set criteria you must meet when applying for an IVA or interlocking IVA. 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.
You should have debts of £10,000 or above.
You should have 2 or more creditors.
You have either business or personal debts (or both).
You are struggling or cannot afford to keep up with debt repayments.
You are self employed or a sole trader
Apply for an interlocking IVA
If you are thinking about applying for an IVA fill in the form on this page and one of our advisors will contact you to discuss your options.
When we contact you 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. We will also discuss your business circumstances and your debts to figure out the best approach for moving forward and if keeping the business running is the best and most viable option. 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 what your payment might be 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 that could go towards your IVA.
If an IVA is your best option for dealing with your debt and you decide that you want to proceed, we can draft your IVA proposal. We will send it to you so that you can review and sign it. We then contact your creditors with your IVA proposal and they have the option to vote in favour of it or reject/suggest amendments. 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 your IVA proposal may be turned down, read about rejected IVAs in our IVA faqs section for more information.
First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.
IVA Testimonials
We pride ourselves on good customer service. See what our clients have to say
IVA fees
Your creditors allow us to take fees from your IVA payment for managing your IVA.
Apply for an IVA
Get free IVA Advice now if you are struggling with debt. It is our job to help.
