What is an IVA and how can one benefit you? An IVA is called an individual voluntary arrangement. An IVA will help you pay off your debt much more quickly than paying the standard payments. You are only eligible if you can prove that you cannot afford the payments on all of your debt. In this case an IVA company will work out what you can afford to pay over a 5 year period and through an insolvency practioner offer this to your creditors. If they accept you will normally have 5 years of payments at a fixed rate and then the rest of your debt is written off.