You can make a full and final lump sum offer otherwise it needs to either run it's course or you manage to pay back 100p in the pound plus fees and possible statutory interest.
How long do you have left on your IVA and what are your payments?
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
In a nutshell, there are two ways of 'paying off' an IVA early:
Settlement: Is making an offer of the balance of the full outstanding, original, debt, plus fees and possible stautory interest. Usually an expensive option.
Full and Final offer: A lump sum based on the number of remaining payments muyltiplied by the current monthly amount. If you are a property owner it is usual to add the 12 month extension in lieu of equity release as well. This is the more commonly used option.
If you are fortunate enough to win or inherit a large cash amount you will have no choice but to pay is into the IVA -- it cannot be used to fund a full and final offer and will only become a settlement if the amount exceeds the full debt, fees and possible statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
