The IVA, or Individual Voluntary Arrangement is a legal alternative to bankruptcy for some individuals who find themselves insolvent. It can help you to get out of debt by restructuring your debt repayments according to what you can afford and merging them into one simple monthly payment.
Essentially, the IVA involves you renegotiating your repayment terms with your creditors, with the help of a Licensed Insolvency Practitioner. If successful in your application, you could then find yourself having the interest frozen on the debts and even find that the total amount is reduced according to what you can realistically afford.
In addition to that, the IVA runs for an agreed period of time, most commonly five years. At the end of that period, your debts are considered to be settled in full. This makes an IVA a great way to get out of debt for those who are eligible.