I would stick with your current IVA and have if it fully reviewed.
Be honest with your IP and try to salvage the current arrangement. It might not be as bad as you think. Did you start the second job after the IVA was accepted? If so it could be argued ( depending upon if you have the usual clauses in your own agreement) that this increase in income is to be only considered at the review and any extra ( normally 50% of the pay increase) only paid from then on. Check your paperwork, you might not be in breach --- but will be if not declared at review.
Fail the current IVA and re-negotiate with your creditors. They will, however, add back lost interest and possible late payment charges -- your debt will increase. Entering a new IVA could be problematic, as you will have to explain to them why this IVA failed and convince them that a new arrangement will work.
Personally I would attempt to salvage the current arrangement. Read your proposal and Chairman's Report and get up to speed with what you have agreed to and the various terms and conditions, so you know what you are talking about when discussing this with your IP.
Best of luck with whatever you decide. If you continue .. remember .. honesty is the best policy ... it avoids heartaches such as this and you get no nasty surprises later on.
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