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IVAs were first created in 1986 as part of the Insolvency Act of 1986 to assist persons who are having difficulty paying their debts. An IVA, rather than bankruptcy, can provide you more control over your assets. The repayment plan should be based on an amount you can afford, and it must be agreed upon by your creditors. In the iva government scheme are a legal and formal debt solution, which means the IVA agreement is legally binding and can help to prevent creditors from harassing you.