Are IVA’s published? All you need to know!

What is an IVA?

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors designed to help you repay your unsecured debts through a series of monthly payments based on what you can afford, a single lump sum payment or a combination of both.

It can be set up through a debt management company but, unlike other debt solutions, can only be managed by a licensed Insolvency Practitioner (IP) who will provide tailored debt advice from start to finish and communicate with your creditors on your behalf to ensure they receive the money they are owed.

A standard IVA usually lasts five years but may be extended to six years if you miss a payment or have a payment break. When you have fulfilled the terms of your IVA and made your final payment, you will be discharged from your arrangement and declared debt-free with your remaining debt written off.

How long will my IVA stay on my credit file?

Your IVA will be noted on your credit file for a total of six years from the date it was approved even if you exit your arrangement earlier. This means that, for most people, their IVA will stay on their credit report for another year after they exit their arrangement.

During this time, your credit score will be lowered and you may find it difficult to obtain further credit such as a loan, mortgage or even phone contract as lenders will consider you a risky borrower.

It is also worth noting that even when you apply for credit after your IVA has been removed from your credit file, you may still be asked about your financial history. When this happens, you must be honest and explain why you needed an IVA at the time.

IVA is debt solution which allows you to write off up to 81% of unsecured debt with government legislation

Where are IVAs published?

Individual Voluntary Arrangements are published on a public register called the Individual Insolvency Register which is essentially a public record of all insolvency cases in England and Wales including IVAs, Debt Relief Orders (DROs) and Debt Management Plans (DMPs).

It can be viewed for free by any member of the public but is usually only accessed by those working within the financial services such as banks, lenders, credit reference agencies, employers and landlords.

Because your IVA will also be listed on your credit file, it will be visible on your credit report from any of the main credit reference agencies in the UK (Experian, TransUnion & Equifax). However, this will remain hidden from the general public as only companies with a legitimate reason, such as banks and lenders, can view your credit score.

How does the Individual Insolvency Register work?

The Individual Insolvency Register is managed by the Insolvency Service which has a legal obligation to keep a record of every individual and business that is insolvent and has entered into a debt solution to repay their debts. It can be accessed via the Insolvency Service website.

When you start your IVA, the following details will be published on the Individual Insolvency Register:

• Your name
• Your date of birth
• Your gender
• Your last known address
• The type of insolvency (IVA, Debt Relief Order etc.)
• The date your IVA started
• Your Insolvency Practitioner’s name

Your IVA details will stay on the Individual Insolvency Register for three months after your IVA has come to an end meaning that, for most people, it will be listed for a total of five years and three months.

Who will be told about my IVA?

When you enter into an IVA, your first thought may be who will find out about it. But it might surprise you to know that the only people that will be informed about your IVA are your creditors that will be included in your arrangement.

Because of this, your friends, family, employer, colleagues and landlord won’t be told about your IVA unless you tell them yourself and you are not legally obliged to let anyone know that you are in an IVA.

The only way an employer or landlord may find out about your IVA is if they run a credit check on you but this is rare and you must always approve to a credit check being carried out against you.

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Do I have to tell my partner about my IVA?

Legally, you are not required to tell anyone about your IVA – including your partner or spouse.

However, if you are a homeowner and share the property with your partner, things can get a little complicated as you will be expected to try to release a portion of the equity from your home before your arrangement comes to end. This is because your mortgage is classed as a secured loan.

What’s more, because your partner must agree to the prospect of remortgaging your home before your IVA proposal can be presented to your creditors, there is no way to proceed with your IVA without them knowing.

Even if you don’t have shared ownership of a home, some Insolvency Practitioners recommend being open and honest with a partner about when your personal circumstances change and letting them know that you are in an IVA as this can provide you with additional support when you need it the most.