You can start an IVA if you are self employed. In fact, it could be an ideal debt solution if you run your own business.
An IVA allows you to include all your business debts such as money owed to HMRC and trade accounts.
However, implementing a self employed IVA is not straight forward. Our service gives you the support you need particularly around accurately forecasting your business income and expenses and what to expect in terms of your business bank account.
Summary of our Self Employed IVA service
Our IVA service covers far more than simply advising you about the IVA solution.
We will help you forecast your business revenue, expenditure and drawings to ensure you are not left paying an unaffordable amount into your IVA. We also provide advice on how to continue running your business during your IVA.
The service is provided by IVA expert James Falla. James has over 25 years experience of working with self employed people and company directors.
We don’t operate a call centre. You get direct access to James. You can call him any time you have a question or need to discuss any aspect of your case.
The service includes all of the following:
Review of your financial circumstances and alternative debt solutions
Before we help you start an IVA, we will conduct a thorough review of your financial circumstances and goals.
No one debt solution fits everybody. We will explain the different debt solutions available and their suitability given your self employed status.
One of the main complaints we hear about IVA companies is that the implications of using this solution were not fully explained at the beginning. We will ensure you fully understand how the solution will affect you before you start.
Preparing your income and expenses budget
It is very important to get your income and expenses budget right before you start an IVA. It will be used to determine how much you can afford to pay into your Arrangement each month.
But as a self employed person, accurately forecasting your income can be challenging.
We understand that your business revenues and expense can fluctuate each month. We will work with you to produce an accurate three line account forecast. This will give you confidence that the income figure we use in your budget is sustainable.
Using our service ensures the payments you will make into your IVA will be based on a monthly payment you can afford.
Completion of your statement of affairs
Together we will review your financial situation and record everything in your statement of affairs document. This will be used in the preparation of your IVA proposal and agreement with your creditors.
Your Statement of Affairs will include your business revenue and expenses forecast. It will also show details of your personal income, expenses, assets (such as your property and vehicle) and debts. There will also be information about the background to your case.
We will collect documentation from you to confirm all the various information we put in the document.
Starting your IVA
Once you have reviewed and agreed all the information in your Statement of Affairs, this will be passed to our preferred IP (Insolvency Practitioner). They will want to speak to you to make sure you are happy to go ahead with your IVA. They will then draft your IVA Proposal which you will sign.
A copy of your IVA proposal will then be circulated to all of your creditors. They are normally given 2-3 weeks to review the document. At the end of this period, there is a meeting of creditors where your IVA is agreed. It will be accepted if 75% of your voting creditors (by value) accept it.
Your monthly payments start the month after your IVA is accepted. You will be able to decide the best day in the month for you to make your payment.
Why choose IVA Expert?
Direct support from James Falla. James has been advising self employed people about using an IVA to resolve their debt problems for many years.
During this time he has built up a unique expertise of the process and what you can expect.
James has worked with hundreds of people with a wide range of backgrounds and problems. There is really very little that he has not seen and provided advice on.
The clients that James has already work with praise him for his quick response to any queries or concerns, his patience and reassuring style. But don’t just take our word for it. Have a look at what some of the clients James has already worked with have to say:
Cost
Our IVA Service is Free
We do not charge you for any of the advice we provide or for any work we undertake in assisting you with starting your IVA. You do not pay for our help with producing your income and expenses budget, your statement of affairs document or the drafting of your IVA proposal.
Insolvency Practitioner Fees
Once your IVA is accepted the Insolvency Practitioner will then charge Nominee and Supervisor fees. You do not pay these directly. They are taken from your agreed IVA payments.
Insolvency Practitioner Nominee Fee
The Insolvency Practitioner who presents your IVA proposal to your creditors is called your Nominee. The work of the Nominee includes:
- An initial meeting on the telephone to review your statement of affairs
- Preparing your IVA proposal document
- Liaising with your creditors
- Convening and running the meeting of your creditors,
The Nominee Fee charged for this work is normally £1500 although this could be more in certain circumstances.
Note: Once your IVA is accepted your Insolvency Practitioner will pay us an amount equivalent to 75% of the agreed Nominee Fee for our assistance with drafting your IVA proposal. This cost is paid by the Insolvency Practitioner and is not an additional cost to you.
Insolvency Practitioner Supervisor Fees
The Insolvency Practitioner who manages your IVA once it is agreed is called your Supervisor. The work of the Supervisor includes:
- Monitoring the payments you make
- Making payments to your creditors as required (monthly, quarterly or annually)
- Generally monitoring the progress of your IVA in accordance with the proposals
- Carrying out an annual review of your circumstances
- Working with you to manage any changes in your financial circumstances
The Supervisor Fees charged for this work are normally based on 15% of the amount that you pay into your IVA after the Nominee fee and initial costs have been deducted.
How It Works
Advice
Get free, confidential advice about your situation
Explain what an IVA will mean for you
Help you decide whether this is the right solution
Preparation
Draw up you self employed business forecast
Prepare your income and expenses budget
Collate required supporting documentation
IVA Accepted
IP drafts your IVA proposal
Creditor meeting held and IVA agreed
Payments begin as agreed
Support
Support and assistance during your IVA
Advice if your income or expenses change
Options if you get a windfall
Completely FREE advice
Confidential conversations
Expert help always at hand
Start an IVA. Write off unaffordable debt and get legal protection for you and your home.
James, I wanted to take a moment to express my deepest gratitude for your invaluable support and guidance throughout the process of resolving my complex financial situation.
I cannot emphasize enough how much your professionalism and friendliness meant to me during this challenging time. Your willingness to listen attentively to my concerns and provide prompt, thorough responses to my inquiries alleviated much of the stress I was experiencing.
Your openness and transparency throughout the process were greatly appreciated and helped me feel reassured every step of the way. I wholeheartedly recommend your services to anyone facing similar challenges. Your support has made a significant difference in my life.
J B Mafa
February 18, 2025
James Falla was fantastic. From start to finish of my IVA he explained everything very clearly. Can’t thank him enough for what he did.
Hannah R
February 15, 2025
James Falla at IVA Expert was non judgemental to our situation. He was extremely knowledgeable and helpful. He put out minds at ease and was very honest each stop of the way.
Gav & Lisa
January 27, 2025
James has been absolutely brilliant, he really knows his stuff and has helped me in finding the best debt solution for my own personal circumstances.
I was in a very dark place before I found James, and he helped me see that there was hope and light at the end of the tunnel. He didn’t judge and doesn’t just read off a script! I don’t know where I would be now without him. A very heartfelt thank you and I would definitely recommend him.
Natalie B
November 25, 2024
James Falla is compassionate and understood the sensitivity of dealing with me.
James, I cannot thank you enough for your help and assistance with my IVA process always there for a chat and guidance where needed even if it was on your own time.
Thank you again for all your help and support.
J Barber
November 4, 2024
James, you were simply fantastic. You guided me through the IVA process perfectly. Your manner with me was impeccable and I could not have wanted more. From the very first meeting I made you aware of my condition which can affect my understanding and you took it upon yourself to make sure I understood the options that were available to me, but more importantly, which options were appropriate for me.
The feeling of relief that this chapter of worry is behind me is down, in the most part, to yourself – had you not been so approachable, I likely would not have felt comfortable discussing my situation with you. The services you offer, and more importantly you, have put at ease the most extended and worrisome years of my life. Thank you
Dan N
October 9, 2024
Looking to speak to an expert about Self Employed IVA?
Our other IVA advice services
Start an IVA
- In depth advice and guidance
- Comprehensive income and expenses review
- Support through the process
Cancel IVA and go Bankrupt
- Help with cancelling IVA
- Support with bankruptcy application
- Ongoing 12 month assistance
Mortgage after an IVA
- Guidance and information
- Planning for a mortgage
- Advice on timing and deposit
