It will depend on if your existing Lender would need to credit score you as to if they will offer you a new rate or not - some will some won't unfortunately. Entering an IVA normally means that you couldn't re-mortgage to a High Street Lender for at least 6 years from the start date. A DMP can have a longer impact on your ability to re-mortgage as the Creditors don't have to default the accounts at the start of the DMP (unlike an IVA) so that can lead to issues on your credit reports for much longer than the 6 years of an IVA.
I hope that helps.
Say you can afford £200 a month and they do freeze all interest in the DMP --- it will take you nearly 17 years to clear. An IVA will take 5 or 6 years. Yes, it is harder and much more financially intrusive and with many more hoops to jump through on the way, but definitely doable with the right mindset.
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