Normally, IVA payments are usually made into an IVA over a period of 60 months (5 years). However, an IVA may be extended to six years if you have equity in a property.
Alternatively, you may be in a position to make a Full & Final offer to your creditors. This type of IVA would usually be for a maximum period of 12 months.
An IVA will continue as long as regular payments are maintained. Defaulting on payments could result in the failure of the IVA at which point, it is possible, that you could be made bankrupt.