After being up all night and reviewing our position, I think we need to wind up our business and apply for an IVA for my 'personal' debts.
If I have understood this process correctly, I need to appoint and IP but there is a cost for this service. However I don't have any funds to pay for one. I am sure others have been in this situation - can it be resolved and how much is it likely to cost?
IP's fees can vary enormously so it is probably best to take 2 or 3 (or more if you wish) opinions on your situation from professional people. Any firm that helps with IVA's should be happy to advise of their fees, if they don't then you are probably best to avoid them.
You should also avoid, in my opinion, any firms that ask you for upfront payments to do the work for you, there are many firms who will look at this without upfront payments.
You may wish to visit www.iva.com to get feedback from real people as to the firms that they have used.
20 years in debt advice
I do not post for anyone other than myself
All the fees are built in to the proposal with the monthly payment, so in effect the creditors take less because of this. You should not have to make any upfront payments, though some may ask for one so in effect it shows willing. This dhould be repayable to you should the iva fail and do get this in writing.
Just to confirm from a professional point of view that the IP's fees are covered out fo the contributions you offer to creditors, and are therefore agreed by creditors at the meeting. All initial advice is given on a free of charge basis.