IVAs (Individual Voluntary Arrangements | How To Write Off Unaffordable Of Debts If you are struggling with debt, an IVA or Individual Voluntary Arrangement may be a viable solution to consider. An IVA is a formal agreement between you and your creditors to repay your debts over a set period of time. In this article, we will explain what an IVA is, how it works, the pros and cons, and the criteria