An IVA may well be suitable for you - I actually act for a lot of teaching staff - from Headmasters downwards - but this will only be possible if you have some disposable income available to offer on a regular ongoing basis to creditors.
The high level of debt with one creditor is not necessarily a problem - so I would take advice at an early stage from an insolvency practitioner, who can help you to work out an affordable budget and then see what options are actually available to you. Make sure that they fully explain the advangages, disadvantages and implications of all options so that you can make a reasoned choice.
I would take a look at www.iva.com to get some reviews and a list of companies, contact 2 or 3 and take some free impartial advice specific to your circumstance.
The professionals who post on the forum also come highly recommended.
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