You can do, with the agreement of your IP --- you will lose most of the equity, but should be allowed to retain some for costs and deposits. You will, however, have to jump through extra hoops to rent as the IVA will have ruined your credit rating.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014