I guess it depends on whether you feel that you want to pay back some money to your creditors, or whether this is not really a high priority. If it is, then an IVA is the most certain type of insolvency procedure - the trick being to make sure that you can comfortably afford the suggested payments in the first place.
There are many IVA success stories, but also a lot of sad cases of failure as well. I personally would have a good think about things over the next couple of days, and maybe speak to one or two other companies to see if the advice given is consistent.
Most of my clients, and other forum posters, do manage to get new bank accounts opened fairly easily.
Regards, Melanie Giles, Insolvency Practitioner