I guess I always considered it the very last resort, and it's an expensive process isn't it? i'm also concerned that some of the creditors owed by my company would come after me and my family personally and could become violent or aggressive, so if i could avoid it that would be preferable.

Thanks for your response, I do have a little light at the far end of the tunnel in that i have been offered a job (part time) for another company, this would be regular work and income that could be used to make payments under an IVA. I have also set up a separate basic bank account as you suggest, I forgot to mention that.

Hi, I have debt with a few different companies amounting to around £19k as a result of my company becoming unable to manage our cash flow. (We were bought down by several of our clients not able to pay us now the inland revenue are winding the company up.) The above aside I would like some advice on what I can do to manage the debt that I have built up trying to support the company which is as follows: Current account: - £2,600 over-dawn - overdraft limit is £3k Credit card 1 - £2,540 - limit is £3k Credit card 2 - £3,145 - 0% interest card for 18 months Credit card 3