IVA Advice please

Helloadviceplz

Hello everyone, 

I am in approx £40k debt (loan 26k and 2 cc = 13). I earn enough to cover the repayments each month but only just and I am left with not much to live with. If I continue it would all be paid in five years. I wish I could move the loan to reduce interest or just have a short break from paying to recoup even just a bit of savings for emergencies. I'm a shared ownership homeowner (75% share). I live with my partner who owns his own place too which he rents out. We would like to buy a house together probably in less than five years and possibly have a baby (fingers crossed). AT the moment I wouldnt be able to pay for nursery fees which worries me a lot. 

I have been advised by Stepchange and others that an IVA is my best option, because even though I am covering the debt repayment each month, the interest is a lot and I am also only just affording and unable to save a penny each month. Mortgage wise, we could hold out for six years and hope I can get on a mortgage too, or my partner gets the mortgage and my house sale supports until I can go on the mortgage too. But Im aware the IVA may then take what I make on the house if its before the end of the six years.

The main advice was, just because I can just about pay the repayments, doesn't mean I am not struggling. And also, my credit rating is so low now anyway because of the amount of debt and the fact I wont be able to get out of it for five years - an IVA would allow me to have more money over the five/ six years and then my credit rating will go up anyway around a similar time anyway if I didn't get it. And that's only IF I can afford to the repayments for five more years. 

My concerns are the following:

-  If I get an IVA I would be able to save a bit of money each month which is great, but how much is to much savings until they ask for it? 
- If we do go for a mortgage will this impact my partner even if I dont go on it?
- Can I sell my house before the IVA is over?

I'm currently leaning towards getting the IVA because I want to live more comfortably for the next five/ six years. 

Any advice would be really appropriated.

Thank you

sourcrates

Can you please stick to just the one thread, posting the same thing on multiple boards will set off the span alert.