Any advice please, IVA

Benhoss

Hello all, just joined this marvalous forum.After years of worry & depression & events leading to this pathetic mess have today plucked up courage to talk to payplan who have reckomended an IVA for us, self employed housing assotiation tenants, no assets or savings oweing halifax cc £9,357. MBNA cc £6,673, barclaycard cc£11,300, Barclayloan £8,000 totaling £35,330, & the dreaded Inland revenue £9,000 due to missing 31st jan deadline, waiting to hear from their IVA department nextweek hopefully. Any advise on how long these take to setup & do we still try to make payments whilst it being setup? Have read about first thing to do is set up other bankaccounts, will we have time to do this before banks etc sound the alarm signal and we get refused? and will this apply to my wife as well, debts are all in my name. Payplan have given me a figure of £403/mth for 5 yrs to repay including tax owed to inland revenue !, can tax be covered by this & anybody had dealings of this, many thanks, Ben