A Individual Voluntary Arrangement (IVA) is an arrangement between you the debtor and unsecured creditors. The arrangement replaces all previous agreements and legally binds all unsecured creditors to one affordable monthly payment.
The arrangement is supervised by a Insolvency Practitioner who calculates a suitable monthly payment from your disposable income.
When an IVA is approved all your interest charges on the debts are frozen. The creditors should also stop demanding payments via phone or letter as they would have agreed to accept the payments under the IVA arrangement.