It depends on the individual circumstances. However if you propose an IVA and if it is rejected you can still enter a DMP and try an IVA again at a later stage. Some creditors prefer DMPs for a number of reasons but an IVA is a comparison with bankruptcy where creditors will normally receive little or no return.
Most firms operate on a no win no fee and therefore only propose IVAs that are viable and sustainable. The fees themselves are taken from the monthly contributions and there are no hidden charges. Some introducer firms will charge fees before the case is passed to an IP but if you go directly then you should have nothing to pay up front.
