Free, specialist, advice

Self-employed debt solutions

PayPlan advisers provide free, specialist, advice on self-employed debt solutions, including for:

  • sole traders
  • limited companies
  • buy-to-let
  • partnerships

Where a self-employed Individual Voluntary Arrangement (IVA) is the right solution, the client will go through to the Bespoke IVA Team. The terms of a Bespoke IVA are the same as a standard arrangement, with the same benefits. The specialist team is experienced at putting together 12 month cash flow projections for the business, and at negotiating with business creditors such as HMRC.

Bespoke IVA Team
PayPlan is the only free debt advice organisation to offer flexible in-house support. In its dedicated team, specialists work with individuals to create cash flow budgets to understand the business’ affordability and whether they are making profit or loss.

Advisers will also support the client with their tax returns. This is to make sure that the company books are in order as it will help to get the creditors on board to approve an IVA.

A flexible approach
People who run their own business know that income isn’t straight forward. Unlike a standard IVA, a bespoke solution takes into consideration what someone can pay over a 12 month period. This means that repayments can be flexible around peaks and troughs in income and seasonality. These measures provide an achievable solution that works around the individual’s circumstances.

Continuing trade
It’s important that people who are self-employed can continue trading while repaying their debts. PayPlan works with trade creditors to keep accounts open; as this is often the only way clients can continue bringing in money for payments.

Unique for buy-to-let clients
Regardless of the size of the individual’s portfolio, PayPlan has a unique system to add individual buy to let properties separately. So, properties are treated as individual businesses and not associated with the household income.

How you can help self-employed clients with debt advice
When working with clients who are self-employed, a realistic and pragmatic approach is required to put together an affordable, sustainable repayment to their creditors, while protecting their business.

It is possible for their business to survive, and indeed thrive, while they work their way out of the situation. Read Insolvency Practitioner at PayPlan, Nick Payne’s, advice piece on how self-employed clients need a tailored approach.

Get in touch
Having a dedicated self-employed team allows PayPlan clients to have a case worker who is familiar with the intricacies of self-employed clients and the desire to protect their business.

Contact the self-employed team for further advice or refer a client.

Together

We can make a difference

or call 01476 518 178