This is on the assumption that you agree there is more than £5k equity potentially available.
As for his refusal to put your earlier offer to creditors .. he was in the wrong there. It is not his place to refuse to forward an offer, although he will put his recommendation to it and can sway the creditors to refuse if he doesn't agree. So you have grounds for a complaint there, should you be so minded. Normally in F&F offers the assumption is that you would get a 12 month extension and this is catered for in the amount offered -- however the arrangement proceeds equity does have to be dealt with, one way or another.
Also as Foggy points out whether the extension will apply or not will affect your settlement albeit it is too late now (unless the extension applies then you can offer an F&F for the last year)
Your f&f offer should have been put to creditors for them to decide - as foggy said it is not your IPs decision however much they believed it was not going to be accepted.
Keep us up to date with how things progress now.
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