You may have thought about entering into an Individual Voluntary Arrangement (IVA) after your debts have begun piling up and payments have started being missed.
An IVA is an excellent way to sort out mounting debts – it freezes them and lets you pay them back at a rate you can afford over a longer time.
However, not many people realise that getting an IVA means your details will be publically recorded on the IVA register, also known as the Individual Insolvency Register.
In this guide, we’ll take a detailed look at the IVA register and what having your name recorded there means for you.
Understanding The IVA Register
Although used to record IVAs, the official name for the IVA register is the Individual Insolvency Register.
This register is a publically accessible database containing information on individual insolvencies – debt relief orders, bankruptcy, fast-track voluntary arrangements, and IVAs.
The IVA register creates transparency around debts and debt resolution in England, Wales, and Northern Ireland and is updated and maintained by the Insolvency Service.
This is a government body responsible for investigating business liquidations, administrations and bankruptcies.
What Details Are Kept On The IVA Register?
The IVA register records the date your IVA was agreed upon and approved and the name of the insolvency practitioner managing the IVA.
It also holds information on any current bankruptcies or debt relief orders you may have.
In addition to these details, the IVA register holds the following information:
- Your full name
- Type of insolvency
- Your last known address
- Your gender
- Your date of birth
- Your occupation
The specific details of your IVA – your creditors and outstanding debt – remain hidden from public record.
The information held on the IVA register remains public for around three months following the completion or termination of an IVA.
Who Can Access the IVA Register and Why?
The IVA register is publicly accessible, meaning any person or organisation can access it. Creditors and credit reference agencies frequently make use of it, and as such, being on the register will impact your ability to obtain credit and your credit score.
Certain employers will check the IVA register as part of their background checks to ensure potential candidates can legally work for them.
Some professions, typically those that involve handling or giving advice about money, are limited to people without a history of insolvencies.
Landlords may also check the IVA register to assess whether prospective tenants have a history of debt issues and will often use it as an indication as to whether a tenant can be relied upon to deliver monthly rent. To safeguard their interests, landlords may ask for advanced rent payments or insist the tenant have a guarantor.
It’s worth mentioning that very few private individuals actually access the IVA register. More often than not, it’s something that’s used by credit reference agencies and other businesses who want to check your creditworthiness.
Can you remove your details from the IVA Register?
Once your details are on the insolvency register, you can’t get them removed. The Insolvency Service is required, by law, to keep any ongoing insolvencies or debt relief on the public record.
Fortunately, the Insolvency Service does make exceptions for people whose information leaves them at risk of danger or violence.
These people can appeal to have the details of their address removed.
If you think having your details on the IVA register will put your safety at risk, you can apply for a court order known as a person at risk of violence (PARV) order.
A PARV application can be submitted before or after your IVA is approved. If accepted, your address will be removed from the IVA register, although your other details will remain.
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Being Aware of The IVA Register
Anyone considering getting an IVA should be aware of what being on the IVA register entails. While having your details on a public register may feel uncomfortable, getting an IVA is a positive step towards resolving your debt issues.
Being on the IVA register may have some negative aspects, but it’s only temporary. Your details are removed once your IVA is completed and three months have passed.
If three months have been and gone and your details haven’t been removed from the register, contact the Insolvency Service to report an error.
The IVA register plays an essential role in maintaining financial transparency, and it shouldn’t deter people facing debt issues from considering an IVA as a practical solution.