IF and its a big IF all your creditors froze interest and charges (which is very rare!) your looking at a minimum term of 22 years. I suspect your in reality looking at 30+ years.
Also Northern Rock are very quick on the heals when the unsecured loan part of their mortgages do not get paid. In fact they very quickly will go for a charging order in respect of this amount so I would hazzard a guess that this might be something you continue to pay as a priority debt which will reduce your level of debt but also your surplus income.
henry14 wrote:what about an iva that didnt include my northern rock unsecured loan, so about £24k would i be able to do that, if so how much would that cost a month
You cant do it like that you have to include ALL debts in an IVA sorry!!
The only other option really is to obtain more income from a second job.
I have been doing IVAs for 10 years and you really do need to be looking at a minimum of £325 a month as a minimum to make a viable IVA.