IVA Articles
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IVA : Can The Self Employed Do An IVA?
Being self-employed is one of the most rewarding experiences a person can have. There is nothing quite so satisfying as creating a profitable business, and facing the day to day challenges that come with it.
But the financial pressures of being self-employed can be extreme, and when circumstances conspire against you, it can be all too easy to find yourself facing a financial black hole.
Cash flow is incredibly important to all businesses but particularly for the self employed, but just because trade maybe slow, or the turnover maybe down, the bills don't stop coming in, and the expenses still need to be met.
The down side to being self-employed is, of course, that the business's debts are your personal debts, and when the trade isn't there to enable you to maintain repayments the spiral begins.
So how could an Individual Voluntary Arrangement (IVA) help you if you are self-employed and struggling with large personal debts and a reduced income? Well, an Individual Voluntary Arrangement (IVA) maybe able to give you the breathing space from your creditors which will enable you to keep your business trading, where other alternatives may not.
Individual Voluntary Arrangements (IVAs) are designed to assist people who are experiencing serious financial problems, even the self-employed.
You can download the free guide "The truth about IVAs" for full details, but here's a brief outline of how they work.
Individual Voluntary Arrangements (IVAs) allow a debtor to re-negotiate with all their creditors, one affordable monthly repayment, to replace the normal monthly contributions to their debts. The Individual Voluntary Arrangement (IVA) lasts for a set period of time, usually 5 years, and when the Individual Voluntary Arrangement (IVA) is completed the debtor is debt free. Even if the debtor hasn't repaid all of the debts in full at the end of the Individual Voluntary Arrangement (IVA), the creditors are obliged to write off the balance. What's more, whilst the Individual Voluntary Arrangement (IVA) is in force, the creditors must freeze the interest on the debts, and cannot take any legal action against the debtor.
If you are self-employed with personal, unsecured debts in excess of £15,000, owed to more than 4 different creditors, and you are unable to maintain your monthly minimum repayments, then an Individual Voluntary Arrangement (IVA) might be the solution you have been looking for.
For a free, confidential chat about how an Individual Voluntary Arrangement (IVA) may be a suitable solution for your circumstances, whether you are self employed or not, call myIVA-Adviser.com on 0800 088 7503 and ask how an Individual Voluntary Arrangement (IVA) can help the self-employed.
