early release settlement for my iva.

[swi]

Hi
I am currently in my second year of my IVA and have another 3 years outstanding. there is approximately £20,000 outstanding on my iva. I pay £600 a month. I just wanted to ask if you can give me any information on an early release settlement for my iva.

Is it correct I would not be able to qualify for any sort of loan to pay the early release settlement sum? If a family member or my partner whom I am engaged to be married to pay? would that be acceptable?
thank you for your advice.

[neverending]

Hi
Yes you are correct,presuming that you are not a home owner, in that you cannot take a loan out[an unsecured loan would be impossible under an IVA] but you can raise money for a full and final settlement from family etc[a third party] and you would be more likely of success if you could offer a slightly higher dividend than originally proposed.For example if you were originally going to return a 35p dividend then by offering a dividend of 37p ,for early conclusion ,then this will most likely be agreed.
Speak to your IP and ask them to work a figure out for you,there should be a saving on IP fees meaning more money and hence higher dividend to your creditors.
Once you have a figure then,as long as you have the funds from a third party,your IP can propose a variation meeting for your creditors.
Regards