Hi Albert - I am now back on board!
Are you saying that your IP has put forward two separate proposals for each of you, rather than mutual and interlocking proposals where you pay one payment jointly and all creditors get an equal distribution?
I so - has your wife agreed to go it alone?
In your case, the proposal should have run for five years with also an equity release. This would have given a return of approximately 40p in the £ which should have been acceptable. Which creditors rejected the proposals, and which IP firm are you using? What reasons has your IP given for the proposals being rejected, and do you have any debts with Northern Rock, MBNA or Black Horse?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk