Maths question

Catalyst

Trying to work out the best route as we are back in financial hardship again - either to continue the IVA route and keep on, or go for a BR.

Had the house valued as follows:

Bought at £355
Mortgage at £315
Valuation at £355 - realistic sales price

In a BR we are likely therefore to lose our home.

We have a rental property that we have £50K in equity.

Our IVA is currently £90K. Our second rental property has been repossessed and we are expecting a massive shortfall.

I can't work out where we would be with this?

We are at the end of our 1st year of the IVA, paid at £400pcm and going to go up to £750pcm as from next month for the next 6 years.

I work out that £750pcm x 12mths x 6 years = £54K

We are really struggling at the moment as childcare fees around £1200pcm (part time costs - yes really!!!!) and only 1 of us working f/t for the past year. Now the 2 of us are working so income projection is better.

Questions:
1. Maths - we will be paying all of the £90K off by the end of the 6yrs plus the shortfall. Would we be better off on a DMP? We can't afford £800pcm at all at the moment. Barely have enough to live on and IVA already in arrears. If we earn more, presumably our IVA repayments will go up also?

2. When can we go for a F&F settlement? And do you think this is a better solution?

3. Should be go bankrupt and then save £800pcm ourselves once we can afford it? That could get us a deposit after 6 years?

Would rather have an IVA and keep our investments but our company is mega-unhelpful and our IVA may fail if it is £800pcm as they are insisting on.

Any maths advice gratefully received.