Bilkodog, you are most welcome to the advice mate. As you are slightly further down the 'realistic' thought process than I originally thought from your original posting may I add a couple of other possibly useful tips.
The ONLY people that you DO NOT screw around in your position is friends, loved ones, the VATman and the Tax man. The last two NEVER go away and so you do a long term deal with them. If you are not into these last two then the picture becomes easier for you. You are right to think about bankruptsy and you may have saved yourself quite a lot of money in the first place if you had taken that route. Unfortunately your IVA supervisor and his company (most of them need shooting) earn nothing out of you if you go bankrupt (the reason they are so keen on IVA's in the first place.
If anyone else is reading this and in a similar position the right way to go is....first and foremost go and see a professional insolvency expert (companies are in yellow pages). Find a quality company that offers an initial free interview. Be well prepared for this first, free meet and take ALL of your debt paper work with you. Have listed ALL of your debts and ALL of your assets (acurately). At the end of the meeting they will tell you what you already know, that you are in a bankrupt situation (debts out-weighing assets). That is why you make sure that it is a free initial meet. You then secure the lowest possible price that you can to get this company to confirm their findings to you IN WRITING!
The piece of paper you get from a professional and respected insolvency company can be worth thousands (and in some cases millions of pounds) to people in a bankrupt situation. You then go and see ALL of your creditors personally (those that you can go and see physically) and let them photocopy your insolvency letter. They will then report your situation to their credit or finance department and in most cases be very grateful for your visit. Most people will then treat you as a bad debt and will right you off. In the main these companies do NOT want to lose any more money on you and certainly wont want to spend £500 (or whatever it is now) court bankruptsy pitition fee plus their legal costs.
'IF' a company sells their debt to a secondary company (see my above post), you are in a slightly different position as the second company will use more desperation tactics to get something/anything out of you. Just make sure you HAVEN'T got an expensive car, jewellery or household items. Give a copy of your insolvency letter to them and likewise you will most probably right you off. It is not unkown for these secondary companies to sell your debt off again to a third recovery company at about 2.5p in the pound. All of these companies work on the basis that if you can pick enough debts up for cheap enough they will be able to frighten enough people and get money out of them to make a profit. Make sure it is NOT you that they frighten with threats of court action, bailiffs etc etc.
If anyone cannot or does not want to face the hassle of these people, then go bankrupt. Creditors are NOT ALLOWED by law to chase you direct but HAVE TO deal direct with the court. Bankruptsy only lasts for 12 months now and is not the end of the World whatever you here from some experts. The World and life still goes on and you will still end up with people trying to sell you things including banks and credit cards!
Good luck to anyone in a tight spot at the monet and don't let the b*****d's get you down!