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  What is an IVA, Know About IVA Pros and Cons? What is Individual Voluntary Arrangements, or IVAs, are a type of voluntary agreement. It's a formal, legally enforceable agreement that freezes interest and charges on your unsecured debts for a set length of time, IVA Pros and Cons allowing you to pay your creditors a manageable sum over time. Any outstanding unsecured debt will be written off if the project is completed successfully. An IVA can shield you from creditors taking legal action against you, such as filing for bankruptcy or filing a court application for payment default. for Pros and Cons of IVA Individual Voluntary Arrangements (IVAs) contain IVA Pros and Cons hat should be weighed equally before making an application. It can be a tempting option to bankruptcy, with fewer long-term consequences for you and your finances. There are no upfront expenses with us, creditor pressure and interest will be stopped for the period of the arrangement, and any unpaid debt w