Is it too late???

Long story i'll try to compact it. We realised in May 08 that we were in severe financial "Do Do" having just short of 50K of unsecured debt:eek:
Anyway we were refered to an IVA company and went through the process only to have the IVA rejected by our second largest creditor.
On advice of the IVA company we had stopped payments to our creditors. When the IVA failed we approached Payplan and set up a DMP which has ben running smoothly for 2 months now. No more phone calls or letters from our creditors and we can actually breathe again and have a reasonable lifestyle that is by no means extravagant but at least we can eat and have the odd trip out to the cinema etc.
Anyway the creditor that declined the previous IVA sold our debt onto a DCA and Payplan suggested we reapplied for an IVA as all the other creditors had previously agreed to an IVA. We have returned and signed all our documents and have a creditors meeting scheduled for 20th Nov 08.
Having really thought about this i think with hindsight we would be better off on the DMP for the flexibility it gives over an IVA and the fact that we will not have to remortgage our house in four years time.
To be fair at the moment there is only about 7K in the house in terms of equity so in all likelyhood the IVA would be extended in lieu of the remortgage but who knows what might happen in 4 years?
At the present rate our DMP has 13 years to run provided all freeze interest and charges which to date all but the largest creditor has. Payplan seem confident that they will also freeze intrest in time
I just feel that we would have greater control on the DMP and i am looking to increase my payments to reduce the term when my kids are old enough to fend for themselves the wife can go back to work full time etc. I can also work overtime if and when available and use this to pay off debt but equally i will have the flexibility to hold onto it should for example we need it for car/boiler/house repairs or similar. On an IVA any overtime would automatically have 50% taken for the IVA despite what i might have worked the overtime for.
I think we could realistically clear this debt on a DMP by gradual increases in our payments and have it done in 7 to 8 years which is not that much longer than the IVA would run for. The only advantage i can see for the IVA is that it is legally binding so intrest and charges will stop as a matter of course.
I suppose my only worry on a DMP is that our creditors start playing up and continue to or recommence to add charges and interest. In which case it would be like weeing into the wind:o
I also like the fact i can track the progress of my payments on the DMP and i can see that my creditors are getting ALL of my payments and the balance is reducing basically i am not paying any fees and on the DMP we will not be posted up on the insolvency website for all who care to see.
What do folks think? Could i ditch the IVA at this late stage despite us having sent the forms off and had a date for a creditors meeting set can i call a stop to it and request to stay on our DMP.
I had at one stage considered bankruptcy but for many reasons this would not be a sensible option unless all other routes failed.