My relative has offered me some money as gift so that to clear that debt and i come out from this iva situation earlier.
Is there some other way your relative could support you in the remaining months ?
Currently the creditors are expecting a further 11 payments from you at £86 so £946 ..... if there is equity, they will be looking at getting a further 12 months at least .... so ...
23 payments of £86 .... £1978.
According to the equity situation ..... if no equity an offer of £750 (very little time left and no savings for the creditors) ... you will make a few payments before it is accepted -- as said above not really worth it. And it might be refused as these offers cost the creditors around £500 in extra fees. If there is equity, or you assume there is the an offer of around £1500 might be enough as you will be saving the creditors a bit in admin costs ( although extra to pay for the variation).
Of course, the closer you can get to the £946 or £1978 the better chance.
If the 12 month extension applies to you then a settlement offer would seem to be more sensible.
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