IVA in Scotland is very much similar like the rest in UK. IVA or individual voluntary arrangement is a legal and formal binding agreement between a creditor and his debtors. It is designed to free the debtors of Scotland of their debt in 5 years or less.
According to this agreement an IP distributes the monthly income equally to all the creditors all through the 5 years. If there is asset, it is also given to the creditors to clear the borrower