IVA newbie

inahole_2

Hi everyone - I'm a newbie to this forum.

I am considering looking to an IVA to get me out of the hole I've got myself in!!

Basically, I am employed - the mortgage is in my name and has approx £70k outstanding - worth approx £120k - my debts are £55k

I tried to remortgage last year and consolidate my debts but Ratnest said I owed too much (even though these payments would have been consolidated).

I spoke to MBNA/Abbey and they agreed to consider a hardship plan where they freeze interest and fees and then I make a token payment - but after 5/6 months my a/c goes into default and they sell the debt on - I have read where other people have done this indefinitely - is this possible??

Also my partner's wages go into my account (his direct debits go out of this) and we pay half each of the bills (other than the mortgage as I was advised that I should pay all of this in case we ever split up!!)

I am leaning towards going for the hardship plan just to give me some breathing space for 5 months. Also I have definitely 1 & possibly 2 cc agreements that are unenforceable (my solicitor is dealing with these) so will this affect an IVA e.g. owed or not owed??

Also, do they scrutinise your bank statements etc - not bothered - it's just that I need to know what I am letting myself in for should I go this route. Are you able to max your cards and then still claim (need some house repairs and won't be able to get credit after the IVA has proceeded). My credit rating has always been great but I can see no other alternative. I got into this mess - as I had a very well paid job - which I lost - and then had to go on agency and live off my ccs - I also lost a 2nd job so lost £400 mth and have been struggling for the past 6 months.

Is it true that if your IVA is rejected they can force you to go bankrupt and is there any way I can 'safeguard' my home from my creditors?

It would be great if I could draw on your experiences as this is now starting to affect every aspect of my life.

Many thanks