Hello Stuart and welcome to the forum.
If you are insolvent, i.e. you have neither the assets (i.e. house or car etc...) to cover the debt or the money to pay your monthly commitment and afford to live reasonably, you will be eligible to propose an IVA.
I would assume that you have an informal agreement with your creditors which will allow either of you to walk away from this at anytime.
An IVA isn't always the best solution for a debt problem so I would recommend that you talk with several debt experts who can advise you on the best solution to your individual circumstances.
As far as the CSA payment is concerned, this is a legally binding court order, so you will need to maintain this. It can be included as part of your expenditure budget in an IVA and as a rule of thumb I would predict that you will be required to pay c15% of your income to it. You will still need a disposable income big enough to satisfy your creditors. You will need to pay your creditors as much as you can but the minimum requirement is usually a 25p in the £ return on the money they lent plus the associated Insolvency Practitioner costs charged for the set up and maintenance of the IVA.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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