I'm on an iva my parents have sold there house and want to give me some money, would it look better on my credit file if I cancelled my iva and paid my creditors off in full
Hi Dave. Paying the debts in full now will make no difference to your credit files as the IVA and defaults will be on there until the 6th anniversary.
What I would suggest, to get the IVA monkey off of your back, is for your parents to offer a full and final settlement. The amount will be based upon the monthly payment x the number of payments remaining (plus 12 payments if you own your own home, in lieu of equity).
This will eat up far less of your parent's money and close down the IVA early, if accepted.
If, on the other hand you cancelled the IVA then the creditors will add back all interest and, possibly, late payment charges, so the debt to be repaid will be significantly higher than that when you entered the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014