an IVA??? or should I try Debt Management

[skint1]

Wondering wether to take the plunge????

My debt has recently spiralled out of control due to interest rates doubling on one debt, and living on my credit cards as no other option!

I currently have 4 credit cards with a total of £22k between them.

an unsecured loan for £8k , and another for £1k.

I have a joint mortgage with my partner who is debt free!!!!! Our mortgage is for £94k - and the house is valued at approx £120k

My question.... should you be able to help.... is wether i will benefit from an IVA??? or should I try Debt Management??

I am concerned about the equity release from property as feel it is unfair that my partner should have to contribute towards a re-mortgage - and therefore MY debt that I ALONE have managed to accumulate. ( for the record.... I have made her aware of my financial situation!)

Any comments would be appriciated

Many thanks

[MelanieGiles]

Hi skint1 and welcome to the forum

Assuming that you have ruled out bankruptcy as an option, and IVA will be complete within 5 years, but you will have to face an equity release during the final year which your partner will have to agree to - leaving you with a higher mortgage into the future of no more than one half of your IVA monthly contribution, or a DMP which will continue until you pay the debts off in full with no guarantee of interest freeze or the suspension of legal action which you would be afforded under an IVA.

Only you can make the decision based upon your individual circumstances.