Certainly not - as long as you have adequate unsecured debts and creditors, and can achieve a reasonable dividend through payments, you are able to propose an IVA.
You should probably speak to a few insolvency practices to get some personal advice and compare the options available to you. There are many listed on www.iva.com , and the people here will also help you informally with any questions you might have.
It will all depend on your circumstances. Make a couple of phone calls for some free and impartial advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are a home owner, there are special provisions containe within an IVA to deal with the property, so do make sure that the IP you may choose to represent you fully appraises you of these before you commit.