Self Employed IVA Help & Advice
At PennyPlan, we support people looking for a self employed IVA. We’ll explain how it works and what to expect so you can get your finances back on track.
- Write off 75%* of unaffordable debt
- One lower monthly payment
- Stop creditor hassle and bailiffs
- Access mental well-being services
Your credit rating may be affected if you opt for a debt solution.
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How an IVA Works When You’re Self Employed
When you’re self employed, income can fluctuate from month to month. Tax bills tend to be in larger amounts, and business costs are combined with personal expenses. That can make debt much harder to manage.
Self Employed IVA’s can support this. Rather than assuming a fixed income, it looks at how you earn over time and what you can realistically afford with cashflow forecasting, so payments are set at a level that works for you.
If you’re still trading, the IVA can be structured to support that. The aim is to deal with your debts while giving you the space to keep working.
At PennyPlan, our advisors support self employed clients every day. We’ll explain how an IVA could work in your situation, talk through the alternatives, and help you decide on a way forward.
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We Help With Most Debts!
*Mortgage debt can be included if you no longer own the property in question.
Example Of An IVA
UNSECURED DEBTS
Your Monthly Repayments:
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Subject to creditor acceptance. Payment subject to individual circumstances.
Credit Rating may be affected. Fees apply, subject to individuals circumstances.
Reasons To Choose PennyPlan
- Stop all interest & charges
- Write off debt
- Access well-being services
- Reduce monthly payments
Is a Self Employed IVA Right for You?
A self employed IVA can be a helpful option in some situations, but it won’t suit everyone. It depends on things like how stable your income is, the level of your debts, and whether your work is likely to continue.
Some people use an IVA to bring multiple debts together while continuing to trade. Others may find a different type of debt solution is more appropriate, particularly if their income is uncertain or debts are lower.
We’ll listen to your situation and talk through what options are available, helping you find an approach that feels manageable and realistic for you.
What Debts Can a Self Employed IVA Help With?
A self employed IVA can bring different types of debt together into one structured plan, depending on how they’re set up and where the responsibility sits. This helps create a clearer way forward when personal and business finances overlap.
It may help with:
- HMRC tax arrears, including self assessment and VAT
- Bank loans and overdrafts
- Personal guarantee debt linked to business borrowing
- Supplier and trade debts
- Personal credit cards or loans alongside business debt
- Sole trader and limited company director situations
If you are unsure if a debt can be included in your IVA, our advisors will be more than happy to help.
Self Employed Repayment Plan Options
Understanding how to deal with debt is an important step towards getting things back on track. We will explain your options, so you can focus on easing the pressure caused by arrears and find a clear, manageable way forward.
IVA
Individual Voluntary Arrangement
An IVA consolidates debts into one affordable plan, with a portion of your utility debt potentially written off.
DMP
Debt Management Plan
A repayment plan that combines debts into one monthly payment. Interest can be reduced or frozen, helping ease financial pressure.
DRO
Debt Relief Order
A debt reduction programme for those on low income. Certain debts can be cleared, with no ongoing payments required during the DRO.
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Get Help With Self Employed Debt Today
We’ve helped people across the UK take control of their debts and get their lives back on track. Our trained advisers will assess your individual situation and guide you towards the best way to manage and resolve your finances.
Do I Qualify
For an IVA?
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Ready to Explore Your Self Employed IVA Options?
If you’re self-employed and dealing with debt, it can be hard to know what step to take next. Tax bills, business costs, and personal commitments can overlap, making things feel unclear.
Our advisors will take the time to understand how you earn, what debts you’re dealing with, and what support could make sense for you. We’ll explain your options clearly, answer your questions, and help you decide on a way forward that feels manageable.
We’re here to help you explore your next steps – talk to us today.
- One lower monthly payment
- Write off 75%* of unaffordable debt
- Freeze interest & charges
- Stop legal action including bailiffs
- Receive FREE well-being sessions
Can I Own a Business With an IVA?
Yes, it’s possible to own and run a business while you’re in an IVA. Many people continue trading during their IVA, particularly if they’re self employed or run a small business.
What matters is that your income is sustainable and your IVA payments are affordable. Your Insolvency Practitioner will look at how the business operates, how you’re paid, and whether continuing to trade is realistic alongside the IVA.
There may be some restrictions, and you’ll usually need to keep to the terms of your IVA, including reporting changes in income.
Tackle Your Debt And Your Mental Health In One Place
Our team are committed to getting your finances and well-being back in top condition
Apply for our eligibility check
Find out if you match the minimum criteria we require to enter you into one of our IVA plans
Speak to our debt specialists
Speak to our friendly debt specialists, who will explain all the options available to you.
Choose your debt solution
Now you have all the options available, you can make an informed decision that is right for you and your family.
Do I Qualify
For an IVA?
What Our Customers Say About Us
Maria
3 days ago
PennyPlan were extremely professional and genuinely caring, I am very happy that I made the call and now have a plan in place and peace of mind. From the first contact to the signing of the agreement it was straight forward and simple plus the staff really are exceptional in the way they listen and understand’ I couldn’t have asked for a better company.
Emily
4 days ago
For over a decade I have kept my money worries to my self away from friends and family one phone call with Leah and I had laid it all bare without a second thought nothing shocked her and nothing wasn’t sortable I’m forever grateful I stumbled across this company and no longer have to worry about money on my own. Highly recommend!!
Daniel
4 days ago
PennyPlan offered insightful, professional and empathetic support throughout my insolvency. Declan in particular was friendly, personable and knowledgeable, and a massive help throughout the process. They offer a no pressure service and allow you to make the best decision for yourself. I highly recommend these guys for anyone struggling with debt.
Mark
1 week ago
I was hesitant in applying for an IVA, But my mind was put at ease on the first call. The whole process was explained to me with complete care and understanding and I didn’t feel judged at all. Since being accepted for the IVA my mental health has improved so much and I now don’t worry about how I am going to put food on the table each week.
Self Employed IVA FAQ’s
If your income goes up or down, this can usually be reviewed as part of your IVA. Self employed income is assessed differently to a fixed salary, and changes are taken into account during reviews.
The aim is to keep payments fair and manageable, rather than locking you into figures that no longer reflect your situation.
Personal guarantee debt can often be included, as it’s usually your personal responsibility rather than the company’s.
An advisor will look at how the guarantee works and whether the debt qualifies. We’ll explain what this means for your situation and how it fits into the wider plan.
Yes, it’s possible to get an IVA if you’re self employed. IVAs are available to sole traders and limited company directors, as long as you have qualifying unsecured debts and enough income to make regular payments.
Your income doesn’t need to be the same every month, but it does need to be sustainable. An advisor will look at your situation in detail before recommending whether an IVA is suitable.
In many instances, yes. HMRC debts such as self assessment arrears and VAT can often be included in a self employed IVA. Whether they can be included depends on your circumstances and how the debt has built up.