MBNA have always had a policy of preferring DMPs to IVAs, where they believe their customers would be better off by continuing to repay, albeit it at a reduced level - and this if fine so long as the customer is prepared to do this and the other creditors agree to exactly the same terms.
The problem about DMPs is that no-one has been monitoring their success or otherwise, to the extent that no-one really undertands how effective they are or what success rates they generate. It has been said that the average DMP fails within the first two years, but other leading DMP companies would argue that their own portfolios show a much longer rate.
If an IVA has been denied to you as a result of the actions of only one creditor, you must seriously think about whether bankrtupcy is now a better option for you, or whether you are prepared to enter into a DMP for the long-term.
Regards, Melanie Giles, Insolvency Practitioner