If the IVA is not completed then the debts will not be written off and will need to be settled from the estate -- which, as you rightly say, will eat up any equity there might be.
Do not do anything rash without research. You say there might be only £10k .... but that is still a sum not to be thrown away lightly and, indeed, after the valuations and redemption figures are in, it might be more.
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