Individual voluntary arrangement is a kind of an arrangement between the debtors and the creditors based on the condition of the debtors. An IVA is fairly a new concept introduced in UK a couple of years back. With the help of an IVA, one debtor will easily be able to get hold of a good debt solution to all his debt problems that he has been facing since past many years.IVA is a legal arrangement and is considered by the court. Usually the debtor takes help from an IP- the insolvency practitioner. He has to file a proposal in court after he studies the debtor's condition in the debt issues. The court when sees the details, orders the IP to consult the creditors. The creditors have to be called for a meeting. If the creditors vote a yes for the IVA, then they are a part of the legally binding IVA. If the 75% of the creditors vote against the IVA, it is rejected and the debtor has to look for another solution.The creditors can sue or take the debtors to courts if they do not agree to IVA. However, if they do then there is no backing out of the agreement. They have to be sure that they follow all the requirements defined in the agreement.Conditions and obligationThe legal criteria of the IVA have to be fulfilled. They are as follows:1) The debtor has to have at least 15000 pounds of debt or more2) It is a 60 months (5 years) agreement3) He should not have filed for any other alternate solution in the mean time4) He should not have a history of an IVA in past 6 years5) He should be at least a resident of North Wales, UK or have at least lived in England for 3 years consecutively6) IVA may use up some assets of the debtor to pay the creditors, however this may not be necessary.AdvantagesOther than this, the debtor has the following advantages.1) The debt that is left outstanding at the end of IVA, is written off2) The interest rate amount is ceased3) Low amount of installments affordable by the debtor are defined through his disposable income every month4) The creditors cannot bug him as it is a legal filing nor they can back out of it as in debt management plans etcIf you want more information you can log on to for more details on such alternatives to debt issues, and how to avail bankruptcy of the condition gets worse.