It is a legally-binding arrangement between you and your creditors writing off up to 75% of your debts. It means reaching a compromise with your creditors to settle your debts within a reasonable and fixed period of time at the same time avoid the consequences of bankruptcy. An individual who is intending to propose an IVA can apply for an Interim Order, the interim order basically prevents all creditors from pursuing any legal proceedings against you. If legal proceedings have been commenced, then they are frozen at the stage they have reached. Read more...