Individual Voluntary Agreement (IVA) is an alternative to bankruptcy in which the debtor arranges a formal agreement with his creditors, to pay off a percentage of his debt over a certain period of time usually around 5 years.

An IVA is often seen as a better proposition to bankruptcy, as it has less of an adverse affect on a persons credit history and their home remains relatively untouched .

But Beware!  many IVA's can include a clause that stipulates that after a set number of years, you will be required to have your home valued and to give creditors a certain percentage of the equity that has been built up as final payment.