Yes, the tax bill will make me insolvent if things don't change before its due. What worries me about an IVA is, because I have an irregular income, I might not be able to maintain payments for 5 years, so I might end up in bankruptcy halfway through. So bankruptcy might be a better option from the ...

Thanks everyone for your advice.

My tax bill is partly for self employment, due in January but a bigger chunk is corporation tax for my limited company, due in October. I assume this is company debt and wouldn't be included in an IVA though?

Thanks Melanie. You've confirmed what I thought. I can service my debts without resorting to further credit, albeit at minimum repayments, so I am still solvent. However, I have a significant tax bill looming which I won't be able to pay. At that point I will be insolvent so presumably an IVA or ban...

Thanks all for the replies.

I thought an IVA was perhaps like bankruptcy, which wouldn't be granted if you're still solvent. If that's not the case I'll contact some IVA companies and go from there.

Thanks plasticdaft.

We have in the past but not at the moment. I have a variable income so in any one month I might need to use cards but not the next month. Will that make a difference as to whether I could go for an IVA?

Do I need to be insolvent for an IVA to be accepted? The reason I ask is because I have substantial unsecured debt (about 35K) which I am paying to 5 creditors at the minimum each month (which is all I can afford). At this rate it will be a burden for at least 20 years! I haven't defaulted on any re...