Jay
If you have debts of this size to the Inland Revenue, I assume that you are self employed. Do you have an accountant who does your books and have they confirmed the debt?
Given that the IR debt stands, you must discuss your situation through with a professional (perhaps get 2-3 views). If the IR is by far the largest creditor, they will have the over-riding vote in an IVA and may be difficult to deal with.
Depending on your situation and home, it will be worth having a good look at the option of bankrutpcy as well
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.
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