An IVA will achieve the following

One reduced monthly payment to your creditors.

A Court Order will stop any legal action by your creditors.

Telephone calls and letters from your creditors will stop.

Interest and charges are stopped, so the spiral of debt is halted.

Fixed repayment method (normally 5 years) at the end of which all your debts are discharged (any unpaid balances are written off), giving you 'Light at the end of the tunnel'.

All unsecured creditors to whom the I.V.A. Proposal is sent, are bound by the Arrangement, even if they do not agree to the Proposal, providing that 75% of your remaining creditors in value agree to the proposal.

The I.V.A. is not advertised or notified to your employer.

Unlike bankruptcy, details of an IVA are not openly published anywhere, it is a confidential arrangement between you and your creditors.  Employers and landlords are not informed.