What Exactly is an IVA

I have researched everywhere trying to find the appropriate acronym for IVA and found several explanations for it. An IVA is an individual voluntary agreement. What that is exactly, I’m not quite sure. I believe it’s an agreement you make with an institute that is signed saying that you will pay back a debt. It is still unclear on what debt and to who you are paying to but I’m sure the lending institute will know all of the information. With all agreements, just make sure that you read all of the information involved in the agreement, including the fine print too.