Lucy
With £43,000 of debt, you would need to be making contributions of approximately £320 per month to achieve a minimum dividend of 25p in the £. If you owe anything to Northern Rock or HSBC then the payments will need to be higher, as these creditors have greater expectations, albeit they could be outvoted by the weight of voting from your other creditors.
Your figures presently show a shortfall in income over outgoings, therefore I do not understand where the suggested £200 comes from, and your housekeeping budget is terribly low. I do not feel that you could afford to live like this for the next 5 years.
Good advice to look at changing to an interest only mortgage, as your housing costs are extremely high comparted to your incomes. You also have nothing listed down for clothing, miscellaneous or contingencies, which should also be taken into account.
In an IVA scenario, creditors may well ask you to sell your property and move into cheaper rented accomodation. How much equity do you have at present?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
