The equity in the house is an estimated £64,000 at the moment and is currently on the market. The biggest problem is that I have had a drop in income of about £10,000 over the past 12 months which is why I need to downsize the house in order to get back on track with things.

is an IVA right for me? I am at present trying to sell my house because I can no longer afford the repayments, I currently have just over £30,000 in unsecured loans/credit cards and by downsizing my house, this would sort this out. The problem being, in the current housing market I am unable to sell...