F&F advise please

[SC12ya]

I would appreciate some advise please. I entered my self employed IVA in 2018 and the final payment should be March 2023 however this is now Dec 2023 due to agreed breaks during COVID. It will leave my credit file March 2024.
I have 18 payments left at £334 so £6012 in payments remaining. I have been offered a gift from a very close friend for the sole purpose of paying this off to complete it but the amount is £5000, as this is short I don’t know if it’s wasting my time?
Appreciate any advise. Thanks John

[Foggy]

If you bear in mind that the process often takes around three months, you will have made another 3 payments, so the best part of £1000 in further payments, bringing the £5k much closer to the mark. BUT .... you will only be saving yourself just over a year: The IVA will still be on your credit files until 2024, however that will be an extra year of easier budgeting and a bit more freedom.

[SC12ya]

Thanks very much for your reply. I know it’s only a year but I’m desperate to get it completed and not have it like a cloud hanging over me. I’ve worked really hard to keep on track.
Do you think that because there’s not that long left really it’s less likely to be accepted compared to if there were 3 years left for example. Thanks again

[Foggy]

I think that, as long as we are talking saving at least a year, it should still be an attractive option for creditors --- they don't like being in IVA's either !

[SC12ya]

Thanks again, appreciate it.
I’m with PayPlan, not sure if that makes a difference or how I go about it.
Will message them.

[SC12ya]

Delighted to say that my F&F was accepted, I offered the full amount so all creditors agreed. Just waiting for my completion certificate from PayPlan.
Over the moon.
Need to start clearing up my credit file now although the Iva will remain on there until Feb 2024. Is there much I can do in the meantime to improve my score?
Thanks

[Breezy]

Great news. Well done and congratulations !

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record