Hi and welcome
You will need to work out what you need to live on, include essential debts ie gas/mortgage food etc, exclude unecured debts, ie loans credit cards etc. A no frills budget that is realistically affordable. (5 years is a long time on a budget) If you have more than around 300 (this may be higher given a 70K debt)left over an IVA might be your way forward. Some creditors require a higher return than others, there is usually an equity release clause in the final year. I have no experience of joint IVA myself but my belief is that they are 'individual' but 'dependant' on each other for success.
You could phone several IVA companies, areas are not important, just to check this out. Please do not go with the first sympathetic ear who offers you a way out, shop around and check out this site for good and bad experiences. Dont be ashamed, IVA companies will earn from it and should be working for/with you. There are several other things you will need to do, if you have debts with your current bank you will need to open a basic account without credit/overdraft facilities attached, with a bank that is neither a creditor or an associate of a creditor.
It is a stressful time so make sure you take time to make the right decisions, people on this forum, will not only offer advice, answer questions but offer support on the way. You are already on the right track in trying to address your debt problem. I am not an expert, just another person in debt.
Good luck and please keep posting.
LILY
Last edited by
freelili on Sun Jan 28, 2007 4:21 pm, edited 1 time in total.