I have been in my Iva for 18 months now and my father has offered to pay my Iva off for me and I will then pay him the monthly payment I am currently paying. I have been told this will go to a variation. My question is how likely is a variation rejected and I Have to carry on paying until the 5 years are up.
Some creditors will not like the principle of you borrowing the money to pay the lump sum and it is, technically, a breach of the IVA. However, if they are getting the full payments amount they would be better off accepting and saving on a few years messing around with small dividends.
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