In the process of applying for an Individual Voluntary Arrangement (IVA), it is crucial to obtain approval from at least 75% of creditors, who collectively hold a minimum of 75% of your total debt. Essentially, if the creditors owed the most significant amounts vote against the agreement, the IVA may not proceed. Your IVA company will represent you during the creditors’ meeting and inform you of the outcome.If your IVA application is rejected, you will find yourself in the same financial situation as before the application. In such cases, you must directly negotiate with your individual creditors to manage your debts. Although this outcome may be disheartening, it is vital to continue exploring debt solutions that best fit your circumstances. Alternative options, like debt management plans, can also help reduce monthly payments to a manageable level without writing off a portion of the original debt.