Thanks Skint, Oliver and Melanie for your replies. This is definitely something I'll have to consider and I'll also have to talk to my friend before considering an IVA.

I would like to consider the IVA option because of my large debt problem but have a few queries which I don't seem to be able to find an answer to. As I understand it, a potential final lump sum payment for an IVA can come from your equity in the mortgage. However, my mortgage is in joint names, i.e...