Normally you will not lose assets such as a car or your house if you go for an IVA. You will almost certainly lose them if you go bankrupt.(posted 9108 days ago)The main problem with an IVA is that they can be expensive - a fee for setting up the IVA and another for the insolvency practitioner to supervise it. Some firms of insolvency practitioners will take a slice of your available monthly income to pay their fees rather than insist that they are paid up front.
Some Citizens Advice Bureaux have a deal with a local firm of insolvency practitioners whereby you can have a free first interview to discuss whether an IVA is suitable for your needs.
Hope this is useful.
Sue