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An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner (IP), who will divide this money between your creditors.

An IVA has several advantages, including the ability to stop repayments at a set date. You will typically pay less than what you owe. This arrangement is for you if your profession involves the possibility of losing your job if you become bankrupt. An IVA may affect your employment in certain professions. You can check out the IVA debt advice at

It is best to check with your professional organization and review your employment contract. This will help you avoid any problems. If you have a large lump sum to pay and wish to make a formal agreement with your creditors, this is an option. You can accept the lump sum and then write off any remaining debts.

If you fail to adhere to the IVA terms, the practitioner or creditors can take further actions against you by declaring you bankrupt. Your creditors may continue to pursue you for debts if creditors refuse to accept your IVA proposal. If your IVA proposal is rejected, it could put you in a worse financial position.

The Individual Voluntary Agreement could be based on monthly payments you can't afford for a long period of time. Your arrangement could end if you are unable to afford the monthly payments.