Being self employed does not exclude you from doing an IVA.
In fact, IVAs were designed originally to help small businesses, specifically sole traders that were facing financial pressures and IVAs have helped thousands of self employed Sole Traders ‘trade through’ difficult times.
IVAs are able to do this because they offer the self employed Sole Trader a chance to reach a balanced agreement with their all of their creditors.
Once the agreement has been reached, all the creditors are legally bound to the terms of the IVA, and therefore even if a creditor changes their mind, the IVA binds them into the agreement.
Self employed traders can use an IVA to help keep creditors at bay, which in turn can keep a business trading through tough times.
Self employed Sole Traders have been really struggling of late, and therefore realising that you can I continue to trade whilst in an IVA, and being protected from the economic down turn which is having a significant impact on all but the most robust of businesses, can be a life saver for the self employed.
When trade is slow and the costs of running the business keep mounting, an IVA can offer the perfect respite from the demands of creditors for high repayments that a small business can’t afford.
So, if you are a self employed Sole Trader considering an IVA and if you would like to establish whether an IVA would be suitable for your circumstances then just call 0800 088 7503 and one of our IVA specialists will walk you through the details by expaining how long it takes to set up an IVA for the self employed.
Alternatively, take a look at this article entitled “Can the self employed do an IVA?”
For other articles about IVAs visit the articles page at My IVA Adviser or call 0800 088 7503 and speak to one of our advisers
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