An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors, which allows you to make affordable monthly payments towards
your debts, usually over five years, although this could be less if you can pay your debts off sooner. At the end of your IVA any balance left owing
to your creditors (unsecured debt) is written off.
It is also possible to make a one-off payment to settle your debts, typically known as a lump-sum IVA, where you agree to pay a certain amount at a certain
time in full and final settlement of your unsecured debts, which can include a percentage write off.