about to enter into an IVA...HELP!!

glbscc

ive gradually got myself into pretty bad debt with unsecured loans and credit cards...totally about £25k. ive stuck my head in the sand about it to be honest and only realised how bad it has got since i recently seperated from my husband and struggled with repayments. One of my creditors referrered me to Payplan and they have suggested an IVA which, if i get accepted, i think i will opt for. Im now renting off a friend with my 2 kids and luckily not having to pay too much rent etc but still dont have enough to make payments. My main concern is that i dont really know anything about IVA's , never heard of them until Payplan suggested it to me. I feel a bit like im going in blind. Also, it is still possible that i will get back with my husband, (though we still wont be any financially better off if this happens) but i really dont what to include him in any of this as it all my debt. We recently sold our house (that was all in his name), but if i do get back with him will i have to include his details on the IVA? I dont really want anyone knowing about it. Any advice would be appreciated!!

Foxy-Stoat_3

Well done for taking the first step, it should only get better from here.

You need to get into a normal flat/house and be paying the going rate for the rent. You may struggle with a deposit, unless you have some credit on your cards.

Next get on to iva.co.uk and select an IP to talk thru your situation and if an IVA will work for you. You shouldnt be paying anything for getting an IVA, an firm that trys to charge YOU just walk away.

If the debt is yours then only you will be affected, unless you move into a partners house, then your name and credit history will show up on a search. It may be best to tell any future partner about it too as if they go for a loan/credit card mortgage then you may effect them getting a decline, then when they look into their credit file they will find out about it.

Good luck.