You need to take advice from several companies to seek the best route for you. With a DMP you may find that interest and charges are not frozen and it will take a lot longer to clear.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
In a DMP you will keep paying until the full debt is paid. Say you can afford £300 a month (for the sake of maths) ---- on, say £30k, this would take nearly 8 and a half years, IF all interest is stopped, longer if you use a fee charging firm. Creditors do not have to freeze interest, or agree to the DMP and can still chase you or send the bailiffs in.
In an IVA, assuming the same £300 disposable income, you would pay, if you agree to a 5 year IVA , £18k (plus an extra year if you are a homeowner and unable to release equity).
"Through the courts" --- I assume you mean bankruptcy. For this you will have to pay for 3 years at a similar level to the IVA or DMP (basically your agreed disposable income).
In an IVA or BR the costs will come out of your monthly payment NOT be in addition to it, and is effectively covered by the creditors not you, unless you manage to pay back the full debt -- which does sometimes happen (although rarely) if you, say, win the lottery, get an inheritance or a massive pay rise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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