I agree with Luluj --- health and well being are an important aspect of life and should be preserved. Creditors are not ogres and will take that into the equation and. of course, job loss is a major impact on your finances overall. This would all help to convince them that the bird in the hand is better than two in the bush.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Just a quick update, my f&f meeting was on the 12th and was accepted ... which is amazing ... I received confirmation and paid the balance today and it has now moved to the closure department.
Just a little info for anyone thinking about this... my Iva is with creditfix and they were very helpful on what amount to offer and also told me that if they (creditfix) agree to put the offer forward then it has a very high chance of being accepted... I had around £4100 left in payments and offered £4500 which covers the £300 meeting fee.
I will update on how long this takes.
Thank you everyone for your advice and good luck to anyone heading down the same path.