It will all depend on how much your IVA payments are and how much your relative has offered.
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
You need to basically give the creditors near to what they signed up for -- so an offer has to be based upon the number of months remaining ( plus 12 if there is equity in your home)multiplied by the current monthly amount. There is scope to reduce a little, but this will depend upon the time and amounts involved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy. We did the exact same thing..our son paid off the IVA for the sixth year to protect our equity..we offered the amount still outstanding, say 11 months x current monthly payment and the creditors agreed to it. IVA was settled very quickly.Our house is now sold and the equity is ours. Important point..when writing to the IVA manager say the relative is gifting the money to you, NOT as a loan. Good luck xx