Unsure about IVA?

worriedsinglemom

I am at the point where I need to make a decision as to whether an IVA is in my best interest or not. I have debt of approx £23000 made up of about £8000 in my name that is manageable and being reduced and a joint loan with my soon to be ex husband of £15000. My ex husband hasnt been keeping up repayments on the loan for the past 12 months and I have been paying a reduced amount of £50 so the balance is increasing rather than decreasing as Black Horse will not agree to stop charges or interest.

I am aware that after 5 years the IVA will be finished and remaining debt written off but I know that my credit rating is going to be severely affected. It is bad at the moment anyway due to the arrears on loan and 2 months arrears on mortgage that he hasnt paid either.

What I want to know is if I don't do the IVA what will happen to my credit rating with regards to the joint loan? Will it remain on my credit file until its repaid which is probable going to be in excess of 12 years or will it come off after 6 years from when loan went into arrears? Also if I stop paying it and it goes to court for CCJ what happens then? Would CCJ come off after 6 years of it being put on or do I have to wait 6 years after the debt has been fully repaid?

I just want to go for whichever option is going to sort out my credit rating the fastest as I have a new partner and we want to get a mortgage together at some point in the future.

Its CCCS that have recommended the IVA.