Thankyou both for the info. I guess its worth trying for the IVA then, as Bankrupcy isnt really an option at the moment because I live in my parents house (I heard they might get a bad credit rating if I declare Bankrupcy under the same household).

I have overdraft, bank loan and credit card debt of about £18500(4 lenders). I also have student loans amounting to about £15000. Im not presently paying off any of the student loans. Would an IVA be possible to pay off only the overdraft, bank loans and credit card debt?