An Individual Voluntary Arrangement (IVA) is a formal alternative to bankruptcy for individuals in England and Wales. It is a contractual proposal to creditors, presented through an insolvency practitioner, to repay debts.

An IVA can be based on income, assets, payments from another person, or a combination of these. It usually concerns unsecured debts, while the rights of secured creditors are largely unchanged. Insolvency practitioners charge initial and ongoing fees, which are additional to the debt.

An IVA is one possible debt solution, not necessarily the right option for everyone. People considering how to deal with debt can seek full, free and impartial advice and explore alternatives. A debt management plan may be worth considering for less serious debt problems. Scotland has a different statutory solution, known as a protected trust deed.