Help with IVA Settlement Letter

MrsChillers

Hi, 
A family member has kindly offered to settle our IVAs (we have 20 months left £7200 owing 4-5 years in). The settlement figure proposed is £7000, Payplan seemed pretty confident that our creditors would accept that amount which is great. I must admit they have been pretty great. 

We pay £480 per month roughly and to be honest desperately need to save for some much needed home improvements and we just want to finish it - I’m sure you can all understand, we want to be debt free and to never get into a mess again. 

Payplan have said we need to write a letter to explain why we feel we want to exit the IVA early, why it would benefit etc. I don’t know where to start and I just want them to accept the offer. 

Can anyone advise please? Is there some sort of template I could use? 

 I’m aware this next part can take around 12 weeks, it is advisable to keep paying I know just in case. Are we able to put our payments in a separate account instead as a back up option for the time being? If the offer is rejected we can just pay the money then and we haven’t lost it, what do you all think? 

Thanks so much! 

gd55

I did this with my IVA, I wrote a few lines, saying this would benefit my day-to-day and long-term finances by freeing me of ongoing debt. Simples. It was accompanied by a similarly basic letter from my parent, confirming they were gifting the money.

It was sorted in a couple of weeks, before my next payment was due, so can't comment on your second query