First of all you should contact your IP firm as they do not know what is going wrong. They are there to help and you have done nothing wrong. Given the length of time you have been in the IVA creditors will know you are committed and would almost certainly grant you a payment break while you search for work. It is not uncommon in the current economic climate but you must contact your IP straightaway so they can start to prepare the variation proposal.
If you are now feeling that you may be better off going bankrupt, then you should look into this option and find out more about it - which your IP can also help you with.
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