Benefits of Using the Self-Employed IVA

Posted by on August 20, 2013 in Individual Voluntary Agreement | 0 comments

Benefits of Using the Self-Employed IVA
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Using a self-employed individual voluntary agreement (IVA) is likely to mean that you are able to avoid the potential of filing for bankruptcy by making the necessary agreements with creditors. An IVA is likely to mean that you are required to pay off a certain percentage of the debt to the creditors over a specified period of time.

If you are able to meet the required criteria of signing up for one of the self employed IVA schemes you will find that these aren’t as restrictive as a bankruptcy, while the penalties are also likely to be significantly less harsh. A further benefit of being able to use an IVA is that you are able to have more control over your ongoing finances, which should help with eliminating a lot of stress and puts you in a much better financial position for the future.

Making certain to deal with the business debt

An established debt guidance service is able to offer free, impartial, and confidential advice on all matters relating to a debt situation. If a business is experiencing significant financial difficulties it will certainly benefit if you are able to make contact with the charities and organisations that are able to offer the free guidance. Besides the many benefits that you are able to gain from a IVA scheme, it is likely that the creditors will also prefer this type of arrangement since it is able to offer a much more desirable return then a bankruptcy proceeding. A well organised IVA is certain to be less time-consuming and cost-effective in the process of reorganising the debt issues.

A self-employed IVA is likely to be available in a wide range of situations, including:

  • Buy to let landlords
  • Limited companies
  • Partnerships
  • Sole traders

In order to pass the criteria that relate to the self-employed IVA it is likely to be necessary that a fully operational and viable business is in place, which has debts at the £10,000 plus mark. If you are in a position where you are able to easily manage the debts, you will certainly find that an IVA is certainly able to help.

Look at the available alternatives to the IVA

When you are looking at the available options for helping to clear the debt related issues, it will certainly benefit if you are able to take a broad approach and look at all available options for clearing debts with the creditors. An experienced debt adviser is certain to be able to give advice on several different types of debt solutions that are likely to be most beneficial for your specific circumstances. Each of the debt solutions is likely to come with its own pros and cons, so you really want to consider the options carefully to provide the right financial future for your business.

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