An Individual Voluntary Arrangement (IVA) is a legally binding agreement between an individual and their creditors to repay debts over a specified period, typically 5-6 years. Managed by a licensed insolvency practitioner, an IVA allows individuals to make affordable monthly payments based on their income and expenses. Once the agreement is completed, any remaining debt is written off. IVAs are a popular solution for individuals in the UK struggling with unsecured debts, offering an alternative to bankruptcy while providing protection from creditor actions such as legal proceedings or harassment.