With an IVA you will probably pay more than if you were made bankrupt. This is because payments made under bankruptcy usually last for a shorter period than an IVA. However the effects of bankruptcy are much more severe than with an IVA. You may also be requested to remortgage or release funds to repay some or all of the debts to your ceditors in year four or five of the IVA. Your credit rating may also be affected for up to six years. If an IVA fails and payments aren't maintained it can lead to bankruptcy.