I will be 3 years into my IVA soon. I will owe £14,544 in the remaining 24 months. A family member has offered me 12000 to make a full and final offer to settle the IVA..Will £12000 be accepted by my creditors. I have paid approx an extra £100 a month in overtime payments on top.
It does sound like a reasonable offer, considering you will have made a few more payments before it goes through. Some creditors might hold out for more, considering your overtime payments have been so consistent. On the other side of the coin, they have already had more than they had signed up for, so might allow you some "brownie points".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk