If you go to term the creditors are looking at at least £13.5k from you. But, you will be saving them a chunk in hassle and admin costs. My first thoughts are that £7.5k might be a little light and thet £10k might be better. However, I have seen very light offers accepted before. Worth at least a chat with your IP.
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