How Does It Work?

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How it works? Self-employed IVAs are very similar to normal Individual Voluntary Arrangements. They follow the same principle – but the application process is a little different, as they have to accommodate your business and cash-flow. This guide provides you with an in-depth look at the self-employed IVA process. If you’re struggling with your debts and think a self-employed IVA could be right for you, get in touch with PayPlan. We can help you understand all your options. Call us on 0800 280 2816 or use our online form to request a call back >>> GET ADVICE NOW Going through your options In order to consider setting up a self-employed IVA for you, we will first need to collect details of the amounts you owe and the assets you own.…show more content…
GET ADVICE NOW The self-employed IVA proposal After collecting details of your finances and assessing your situation, we will refer you to our associated company PayPlan Bespoke Solutions Limited, who specialise in setting up self-employed IVAs. They will offer to meet you in person to go through your debt solution options and discuss your business cash-flow. You don’t have to agree to this proposal but it’s a good chance to ask any questions about your financial situation. Alternatively, this can be discussed over the phone, if that suits you better. In order to propose a self-employed IVA, certain items will need to be verified, to check that all the information contained in your self-employed IVA proposal is correct. Typical information that’s needed is: Your business cash-flow projection for the next 12 months Your business profit and loss accounts for the past year A copy of your tax return for last year An online valuation of your home (and any other properties you own) A copy of your latest mortgage statement – and any secured loan statement(s), if applicable – to show your creditors the equity position in your property(ies) Copies of all recent correspondence from your personal and business creditors – so we can get your account numbers, creditor contact details and latest outstanding balances About the Insolvency Practitioner In order to propose a self-employed IVA to your creditors, you’ll need to use the services of a

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