You’re not alone if you’re considering individual voluntary arrangements (IVAs) but are concerned about being included on the IVA registry. After all, paying off IVAs is quite doable once you’ve set a plan with your insolvency practitioner (IP), but there are still factors to consider before applying for one, such as how you’d feel with these records being public.
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An Individual Voluntary Arrangement is a legal debt solution that serves as an alternative to bankruptcy and is a private agreement between the applicant and creditors. Since this is a legally binding agreement, this formal insolvency process must be kept as a matter of public record while it is underway.
So here, we’ll discuss what it means to have your name in a public record, the options of paying off your IVAs along with other IVA information, and the benefits of applying for one. If you’re looking for a solution to your current financial situation then read on!
Table of Content
- 1 What is the IVA Register?
- 2 What details are held on the IVA Register?
- 3 How long do you stay on the insolvency register?
- 4 Are the details held on the insolvency register private?
- 5 Do I qualify for an IVA?
- 6 How else will an IVA affect me?
- 7 Where can I find the IVA register?
- 8 Who checks the insolvency register?
- 9 How does being on the insolvency register affect a credit report?
- 10 Summary
- 11 IVA Debt Help Information
- 12 Other Debt Solutions
What is the IVA Register?
The Individual Insolvency Registration includes the IVAs register, which keeps track of various types of insolvency, such as DROs and bankruptcy. It’s also a record shared with credit reference agencies. Since it’s a public record, anyone can search it, including lenders, landlords, and employers. The Insolvency Service is required by law to keep the register in order to have a transparent record of insolvent individuals.
Lenders may analyse this information to see if someone applying for credit has had difficulties repaying loans in the past. Credit reference companies will also use it to acquire a complete picture of an individual’s credit history. It will be noted on their credit report and could have an impact on their credit score. Lenders use credit reports to assess an individual’s creditworthiness, and being on the Individual Insolvency Register will be included in this. The registry can be searched on the online database so it’s available for anyone and it’s even free to use. All that’s required is the individual’s name or business name.
What details are held on the IVA Register?
IVAs are all about transparency for it to work, and that’s also true because it’s included in public records. So, the name of the person involved in the IVAs, as well as their last known address, gender, and date of birth, are all listed on the registry. These facts are required to prevent incidents of mistaken identity, such as when two people have the same name or date of birth.
The start date, which is the date on which all of an individual’s creditors agreed to the IVAs, as well as the name of the insolvency practitioner overseeing the deal, will be included in the register.
When IVAs are revoked, it indicates that all payments for the period of the agreement have been made, and the original decision to accept it has been reversed. When a person fails to meet the agreed-upon repayment schedule, the legal protection provided by the agreement expires.
How long do you stay on the insolvency register?
After an IVA is completed, cancelled, or terminated, the details of the arrangement will remain on the Insolvency Registers for three months.
Your information will usually remain on the register after your bankruptcy has been discharged. For a period of six years, your bankruptcy will be visible on your credit report. This will have a negative impact on your credit score and make it much more difficult for you to obtain credit.
Are the details held on the insolvency register private?
Yes, they are. The Insolvency Registers are public record, however, the detailed information included inside it is not indexed by internet search engines. IVAs are a legal debt solution that serves as an alternative to bankruptcy and is a private agreement between the applicant, the IVA supervisor, and the creditors.
This implies that, thankfully, if someone were to look at your name, the search engines would not provide information about your IVAs.
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Do I qualify for an IVA?
Anyone can qualify for an IVA, provided that they have a long term source of income. Although you do not need to be employed to qualify for IVAs, you must agree to a realistic and doable payment plan, and although employment is preferred, you can still apply for an IVA and pay for the plan using third party contributions.
How else will an IVA affect me?
An IVA affects you financially, but it’s worth noting that creditors can’t take any more action against you once you’ve entered into IVAs, and they won’t be able to contact you directly. IVAs will have a six-year impact on your credit report, and your information will be publicised for the life of the plan. But as hassling as this sounds, it will help you to pay off your debts.
Where can I find the IVA register?
If you want to search for a record on the register, you have three months to do so. These records are available online and available for the general public at any time. Alternatively, you can check out this link if you want to search for something in the IVAs registers
Who checks the insolvency register?
These public registers exist so that anybody can verify information about insolvency, including employers, landlords, lenders, and credit reference organisations.
As a public record, everyone has the right to access the IVAs register, which can be done by going to the Insolvency Services website.
How does being on the insolvency register affect a credit report?
Although insolvency solutions can leave a lasting effect on your credit score, it may be the case that they are the best decision at the time. It’s feasible, via careful borrowing and making repayments, to rebuild your credit history over time.
Lenders evaluate the information in your credit report to determine if you are likely to keep up with loan repayments and, as a result, whether they should extend credit to you. IVAs, DROs, and bankruptcy will be on your credit record for six years after they begin, or until they are completed.
This sends a strong message to potential lenders that you have had difficulties paying your debts and that lending to you may be risky.
Where can I find professional IVA help?
- Abbotts Insolvency
- Hanover Insolvency
- Trust Debt Advice
- NTF Financial Solutions Insolvency
- Debt Care
- Creditfix Insolvency
The Individual Insolvency Registration includes the IVA register, which keeps track of various types of insolvency, such as DROs and bankruptcy. After three months, your information will be removed from the Individual Insolvency Register after the IVAs finished. The IVAs details will be kept on your credit file for six years from the start date of the IVAs.
If you need any more help understanding IVAs, you can reach out to our team today.
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IVA Debt Help Information
If you want to know more about the debt help plan of an IVA we have all articles related to individual voluntary arrangements here:
- Best IVA Companies in Manchester
- Best IVA Companies UK
- Can I Pay Off My IVA Early?
- How to Apply for an IVA
- Is an IVA Worth It?
- IVA and Inheritance
- IVA Companies to Avoid
- IVA Criteria
- IVA Debt Certificate
- IVA Examples
- IVA Forum
- IVA Process
- IVA Proposal
- IVA Protocol
- IVA Register
- IVA Reviews
- IVA Spending Restrictions
- Joint or Interlocking IVA
- Loans with an IVA
- Meeting of Creditors
- Mortgage with an IVA - Full Guide
- What Happens If an IVA Fails?
- What is an IVA?
- Why Creditors May Reject an IVA Application
Other Debt Solutions
An IVA is not the only debt solution you have and this is where speaking to a qualified debt advisor is very important.
After speaking to a debt consultant you might realise the best solutions are one of the following:
- Best Bankruptcy Companies
- Best DAS Companies
- Best Full and Final Companies
- Best IVA Companies in Manchester
- Best IVA Companies UK
- Best Sequestration Companies
- Best Trust Deed Companies
- Debt Consolidation Companies
- Debt Relief Order Companies
- DMP Companies
Make sure you take time to understand all the debt solutions available before making a decision because DMPs (aka debt management plans) are also a popular choice in the United Kingdom.