IVA proposal rejected

Useless_with_wonga

Had our creditors meeting last week. We have 48K in unsecured debt:eek: owed to 6 creditors.
Anyway we put forward a proposal offering 46p in the pound plus the usual equity release clause for year four. 5 of the 6 agreed and voted "Yes" MBNA despite not being the largest creditor voted "No"
Anyway we are going back with a revised offer next week to get them onboard. We are now offering 70p in the £ which we can just about afford plus the equity release clause as was.
Anyone know why they are being Sooooooo unreasonable. What more can i reasonably do? I am really trying to sort this but they seem determined to force us into a DMP which i don't want as it will take me past my retirement date to sort out.
If they do not go with the revised offer then unfortunatley for them they leave me little choice but to declare bankrupt.
I don't get it. They can take my offer to repay over 70% of the debt or they can push me into bankruptcy and get something like 2% of the debt back.
I have mulled over the Bankruptcy sub forum and found it very helpful and although i realise BR will be a stressful time i will do it if pushed.(i have posted some questions there already so sorry for repeating some stuff just need to vent....)
It makes absolutley no sense to me whatsoever that they would refuse our first offer so it won't surprise me if they turn down offer number 2. Unfortunatley they own 29% of the total debt so can vote down the IVA.
We just want to address our liabilities and take control of our lives again seems they could not care less very quick to keep throwing money at us in the first place and yes i accept that we spent it.
I never ever want to see another credit card as long as i live and to hell with bank loans and overdrafts too.
Sorry................. rant over:o