IVA Individual Voluntary Arrangement England - Debt Settlement - Debt Solutions - IVA, 15 years ago, 700 hits An IVA is a legal process introduced as part of the 1986 Insolvency Act. As per the law, debtors can make a formal proposal to their creditors in order to clear their debt. An IVA could reduce up to 65% your debts and freeze interest on your loan.