An IVA is an agreement with your creditors to make a single reduced payment each month which lasts for a sensible period of time (normally 5 years). Once agreed, creditors are not allowed to add further interest or charges to your accounts by law. The agreement is fixed - meaning that creditors can not randomly demand changes to it.  The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case.
The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.

PROs
	Debt Free in 5 Years
	Telephone Calls and Payment Demands Stopped
	Interest and Late Payment Charges Frozen
	Single Monthly Payment
	Repaired Credit Rating
	Fixed, Legally Binding Agreement
	Protection from Court Action
	A Private Agreement
	Professional Status Unaffected
CONs
	Possible Release of Home Equity
	Minimum Level of Debt
	No Unsecured Borrowing During the Arrangement