An IVA is a formal arrangement between you and your creditors. In order to get an IVA you will need the help of an Insolvency Practitioner who will write up a legally binding agreement that you and your creditors will sign up to. Most IVAs will last for 5 years but this can change depending on your situation. Once your agreement ends, you will no longer have the debt. You will be considered for an IVA if you have debts over £15,000 and have a reasonable amount of income left over each month after living expenses.