An Individual voluntary arrangement is a formal alternative and a legal binding agreement between the individual and creditors. It is the best option chosen by the individuals who live in England, Wales and North Ireland, to pay back the debts over a period of time. It is a legal debt solution and helps you from getting bankrupt. Individual voluntary arrangement (IVA) can be taken only with the help of an insolvency practitioner who charges ongoing fees that are in addition to the debt. It can’t be taken by anyone who is having debts to be paid off. The insolvency practitioner has certain rules and regulations to be followed in order to help the individual take IVA.