Having 2 properties is not, in itself, a reason not to have an IVA and, indeed, it depends upon what other options CAB are suggesting as to whether they would be safe in another solution. A DRO is out of the question as he doesn't qualify and a DMP depends upon the agreement of the creditors and is not binding --- they can simply make him bankrupt to protect their own interests, in which case the properties might be forfeit anyway.
CAB can advise on the solutions, but you need to speak to a licensed and qualified insolvency practitioner to examine the whole picture and advise on the best way forward.
Might I ask which firm he is working with at the moment ?
Perhaps the IVA was considered the best option because he would be at risk of losing the properties through Bankruptcy.
He should check the correspondence from the IP to see why they discounted the alternative options or speak to them again.
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