Hi ml and welcome to the forum
If you only have two debts then an IVA is unlikely to be an option for you.
I suggest that you submit a summary of your current income and expenditure to the creditors and explain that you can no longer afford to maintain contractual payments.
Suggest a revised monthly figure based upon your actual disposable income, divided in the same ratio as the debts ie 70% to Lloyds and 30% to the credit card company.
If you still have an interest in the former matrimonial home, then you should try and avoid bankruptcy proceedings if there is equity in the property.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk