Resolve Debts Today with an IVA You have already discovered a long time ago about your problem with insolvency. If this is the case then perhaps you have already been to see a financial advisor. If not, then it is highly recommended that you do so that you can start working on making your situation better. For those of you who have high amounts of debt without the type of income needed to pay them off or even to make a dent in them, the financial advisor may suggest an iva for your situation. These are agreements between you and the lender on an amount lower than that owing. This agreement is put into the form of a contract and then it is up to you to keep within the terms of that contract. This is a formal arrangement and is conducted as such. If you breach the agreement then there are other consequences depending on the lender. If this is indeed one of the recommended options for you to eliminate your high debts then you should take the appropriate actions to start this process today. The faster that you can get this settle, the better it is for you and you will be well on your way to making your life a better one.