In answer to your question yes you can either by offering a Full and Final settlement which would need to be close to the dividend originally offered or by paying the full amount you owed plus statutory fees.
You can also pay if off earlier if you get a windfall or bonuses which would let you pay it off in less than five years plus your fees and interest. That would be if you paid 100p in the pound.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If it's from your own sources then it's likely to fall under the windfall clause whereby you'll need to pay the debts, costs and expenses of the arrangement in full plus statutory interest on the debts at 8%.
If it's third party funds then creditors would certainly accept an amount equivalent to them receiving the original estimated dividend; but may consider accepting a lower dividend as a result of receiving funds sooner rather than later.
Regards
Andrew Bowers
Licensed Insolvency Practitoner
