You should seek advice from one of the free independent advice organisations listed on this site before pursuing this option.  An IVA is a legally binding formal agreement with your creditors to pay off a proportion of your debt to them in full and final settlement of their claim, usually over 5 years if paying monthly.

The IVA will need to be set up by a licensed Insolvency Practitioner and their fees can be high. If you don't keep to the payments, you can be made bankrupt. As a general rule, you would have to owe a minimum of £15,000 and be able to pay a minimum of £250 per month.

For further advice on IVA’s, please go to http://www.insolvency.gov.uk/