You will not be protected from bankruptcy if you fail to keep to the terms of the Individual Voluntary Agreement, for example if you miss your regular payments.
If it fails and you fall into bankruptcy the costs of the IVA will be added to your overall debt.
An IVA is dependent on your ability to make regular payments towards your debts, therefore requiring a suitable income.
The details of your circumstances will be entered on a public register and could affect your credit rating and chances of borrowing money in the future.
For an IVA to go ahead your creditors have to agree to the terms. It is dependent on creditors representing 75% or more of your debt voting in favour of the proposals.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.