This really depends on the individual circumstances of the client. An IVA is usually suitable when a client has assets to protect or has a job that could be at risk in bankruptcy. It also returns more to creditors than bankruptcy would so is usually acceptable to them.
It all depends on affordability and other factors so get some free advice from an IP firm who can answer all your queries and discuss all the options open to you.
I was reading a popular mortgage lenders "new 2011 rules", as you do. I read that you have to agree the lender has the right to make you sell your home, should you enter an IVA during the mortgage term.
Or is that another way of saying dare become an unsecured creditor with them, or within the same banking group, then kiss your house goodbye?