I am not sure that you have been appropriately advised here - and the DMP arrangements you are in will mean you will be paying those debts for the rest of your lives which is not sensible.
First of all you should calculate your disposable income to see what you can afford to pay each month. Is £300 affordable? If so, then I would consider IVAs for both of you based upon five years of repayments at that level, with a back-end equity raise of £20,000. At the moment this would absorb all of your equity, so you will be gambling on property prices increasing over the five years, which is highly likely.
Given your ages, you do need to see and end point to these debts, and this is definately not found within the existing DMP agreements. Can you post what you feel you could afford to jointly pay into IVAs and I can advise further.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk