Self Employed IVA
What Is A Self-Employed IVA?
An IVA or Individual Voluntary Arrangement is a legally binding agreement between you and your creditors and is Government backed. The IVA helps those in financial difficulties to make a formal proposal to settle their unsecured debt within a reasonable timeframe, normally 5 years.
The arrangement will stop any further interest and charges being added to your debt and creditors will be prohibited from demanding additional payments. A Self-Employed IVA differs slightly from an employed IVA in that it also allows most business and HMRC debts to be included.
Your IVA has to be set up by a Licensed Individual called an Insolvency Practitioner (IP). At Orchard Debt Solutions we work with a panel of Insolveny Practitioners and the most suitable IP will be selected for your circumstances. We will work closely with yourself and the IP to ensure that the process is hassle free from start to finish.
- You make one affordable payment over a fixed period.
- Creditors must freeze all interest and charges.
- The IVA is a private matter between you and your creditors.
- All legal action against you is stopped.
- When you make your final payment, debts are written off.
- An IVA will only deal with unsecured debts.
- Your credit rating might be affected.
- Failure to make monthly payments could result in a creditor making you bankrupt.
- Property owners might be asked to release equity from property.
- Lenders might not approve the IVA proposal.
What To Do Next
Contact Orchard Debt Solution is confidence for a free and informal discussion on 01257 543013 or 0800 246 1058.