Lump IVA advice please

Magicbeans_2

I don't know if I've posted in the right place.
Over the past few years me and my husband have managed to accumulate about 34k of debt, stupid I know but we ended up playing a juggling act due to amount of interest each month.
We are considering an IVA and have worked out that we have about £98 a month left to put towards the debts.
I've been looking into it and there seems to be an option of a lump sum IVA. I think we have about 12k available in our house that we could hopefully release so we could offer a lump sum of around 10k (I'm guessing the cost of fees we will accumulate I could be completely off with them at 2k.)
From the amount we can afford each month we would end up paying back about 7k in an IVA. What are the chances of them letting us do a lump sum IVA with the 10k so we can just start a fresh and sort ourselves out quickly rather than having it hanging over our heads for 5 years?? The amount we have to offer monthly is based on completely minimum budgets so I'm worried about what will happen if we have an emergency as it seems husband cannot do much overtime in an IVA (overtime that he has been doing to keep our heads above water as debts now total 1k a month payments) and I doubt they approve of you saving any possible left over money.
I'm scared and confused as I've only just found out about the debt husband took out an extra card and a loan that I didn't know about.
Any help or advice would be greatly appreciated.
Thanks.

National_Debtline

Hi

A lump sum IVA may be possible with the percentage you would be offering. It would be up to the creditors to vote. Bear in mind that if you release equity for the lump sum you’re turning unsecured debt into secured debt, which could put your home at risk if you can’t maintain the payments in future. It’s something to think about very carefully.

The £98pm payments you've worked out sound like they would be stretching yourselves too much if they include overtime which isn't guaranteed. It's also advisable to budget for contingency funds.

It's worth contacting us or another free advice charity to get some more in depth advice.

James
@natdebtline

z1a

That's a similar percentage to what I did about 8 years ago, - owed £84k, raised £32k, was accepted by all but MBNA (Their loss).
Did it through Grant Thorntons, all very smooth & sorted within about 6 months.