An iva is not an easy solution (but in our case really worthwhile.)You need to discuss your options with 2 or 3 firms and only proceed when you are comfortable with what is proposed. A lot of people go with the first firm they call because they're panicking and desperate. There is a lot of information on this site and it's easy to see the firms that people rate highly. Also the people on this site are full of brilliant advice and suggestions and there is always someone online day and night! Good luck with your research and remember there is a solution for you.
An IVA may well be one of the solutions available to you Kari, but there will be others that you may feel are more appropriate, such as declaring yourself bankrupt or entering into an informal repayment arrangement with creditors.
All of these have pros and cons, so it is important that you get appropriate advice about all of them. I would also recommend an early chat with an insolvency practitioner - it won't cost a penny, and the advice you receive could be very worthwhile in enabling you to make a decision about the future.
