As Michael says, an IVA is all about affordability. However, and this is purely anecdotal based on my own experience, a majority, and a goodly one at that, of people who opt for IVA after having been on a DMP, find their payments lower.
There are many reasons why this may be, however picking up the phone and having a chat with a reputable I.P. firm won't hurt. Most will be happy to look at your case on a no-obligation basis, and will also at any other options you may have, such as Bankruptcy or a Debt Relief Order. I have always maintained that it is a rare case indeed where there is only one option that can be considered.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
