Confused and unsure what to do getting an IVA
Hi, I’ve spoken to the debt advice helpline and they’ve said my only option is to get an IVA. I currently have 16k on a loan and 14k over 4 credit cards. It’s just snowballed with getting a house,having a baby then covid hitting ( he was furloughed then changed jobs) Me and my husband work full time and have stable jobs. We also have a little boy. At the minute everything is paid on time but leaves us with next to nothing for the month.
The helpline said it would reduce all my payments but now I’ve been reading the forum posts I’m more confused than ever. My husband and I are both on the mortgage and it’s due for renewal in 3 years, as the Iva is 5 years does that mean we can’t get a new mortgage? Also I’ve read I have to have a separate bank account. At the moment we have a joint one. Do I have to separate all our finances?
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