Settle IVA with 3rd party loan - implications

[luckystew]

Hi, i'm currently 14 months into an IVA. Ill be honest I had the proposal and wish I had spoke with independent financial adviser as not sure of what every thing means on it. Included breakdown below:

Break down of my IVA at beginning:
Total Unsecured Creditors - £18473
Proposed Total Contribution - £12274
Nominees Fee - £2700
Supervisory Fee - £1375
Disbursements - £100
VAT - £714
Dividends 39p in £.

Right, from my 12 month review, it says I have paid a total of £2774 with £1300 in Distributions to Unsecured Creditors.

My disposable income has increased and so has monthly contributions which is not a problem.

I have seen people talk on here about settling IVA with F&F payment, as I believe there is no other way to get out of an IVA.

What would be the implications of a 3rd party getting a loan to pay and end the IVA. Like other people have stated, id be much happier paying relatives. Would the settlement figure be the initial total debt minus what Ive paid or would it be the proposed contribution in my IVA. Also would I have to pay all the IVA fees as set out in proposal?

Another question on the other side of the coin...if I could increase my monthly payments (as I already have)...would I continue to pay my IVA for 5 years no matter what or would it end early if the with the increased payments I paid the proposed total contribution.
To put it simple - initial proposal was £200 pm with the above figures. If this went up to £400 pm to make it simple, would I pay off in 2.5 years?
I'm confusing myself now.

Basically with relatives taking loan and paying off MY debt would leave me with ability to do more work and earn more and pay more each month meaning the loan term would be shorter than the IVA and a whole lot simpler.

If this doesnt make sense or more info is needed for answer then please ask. Im very confused which is not a good sign being over a year into this I agree...probably explains how I got into debt in the first place :/

[KAYKAY]

This appears to be a duplicate post. I have answered the other thread.