How would an IVA affect us long term? Desperate and feeling hopeless

[Belle15]

To cut a story short, me and my partner are in a mess. We have so much debt that we can barely afford to live (despite earning good money) and only manage minimum payments on cards etc.
I have seen IVAs mentioned- we current ly rent. Would an IVA mean we could lose our home? Also would it we will
Never be able to buy our own home?

an iva would not affect your current rental but due to a bad credit rating you may find it hard to rent another house but not impossible if you find a private landlord and not go through an agency. your credit rating would affected for 6 yrs but many go onto buy after iva completion.
do a search for iva forum and you will find posts from people who have successfully completed ivas and come out the otherside..
speak to a few companies and read reviews before you make a final decision

How does debt management plan work?
Thanks guys think we need to seek some professional advice

Re-post this in Money Matters on here, financial people who know about this kind of thing post on there.

Moneysaving expert is good too.

hi call cab or post on money saving expert . we moved into rented house shortly before declaring bankruptcy. we had tried for 6 months to get iva sorted needed everyone to agree and not all did. 1year later I was discharged my dh spent 2 years paying x money. now we have 6 months to go till the br is off our credit history. still in same rented place.
an iva is 5 years ask advice and decide if it is affordable for you.

debt management will help you reduce your payments to an affordable level but there is no guarantee they will freeze intrest but often they do! you will also pay all the debt back over a longer period of time and any defaults on your credit file will remain for 6 yrs

Agree with scrummummy. MSE is a brilliant source of advice! If you rent, bankruptcy may be a better option as you get discharged in a quicker period (only a year) and if you're on a low income you don't make any repayments at all, and if you have no assets like a house or car you won't lose anything. It does affect your credit rating but tbh that will be badly damaged by now anyway, and it falls off your records after six years so it's possible to rebuild it. DMPs and IVAs will often last much longer than that and of course you need to make repayments during that period which can really affect your disposable income.