An Individual Voluntary Arrangement is a formal and legally binding agreement between you and your creditors. It provides both parties with certain legal protections whilst you solve your debt problems.
Once the agreement is in place your creditors must stop all further interest and charges on your debts. All letters and phone calls from your creditors in relation to your debts should then cease. Once the 60 months have ended, and you have kept to the arrangement any outstanding debt included in the IVA is written off.
For more information and advice, contact the debt charity StepChange
The Money Advice Service offer free and independent debt advice, find out about more options here