Are IVAs published? Find Out Where

Are IVAs Published

Are IVAs published after you get your IVA proposal accepted? You might be considering an IVA but are worried about how confidential the process is and who might find out you have an IVA. 

It’s completely understandable to ask these questions, and we have the answers you’ve been searching for below. 

What is an IVA?

An Individual Voluntary Arrangement (IVA) is a debt solution used by people who are struggling to keep up with their monthly repayments. It is a formal debt solution, which means any agreement is legally binding. Defaulting on the agreement could lead to bankruptcy. You should receive debt advice before applying for an IVA or any other debt solution. 

Don’t worry, here’s what to do!

There are several debt solutions in the UK that can be used to improve your finances. Choosing the right way to tackle your debt could save you time and money, but the wrong one could cause even more harm

It’s always best to find out about all your options from a professional before you take action.

Fill out the 5 step form to get started. 

Are IVAs regulated?

Taking out an IVA is a regulated process that requires the services of an insolvency practitioner working for a regulated finance company. You cannot set up an IVA on your own without the work of these professionals. 

How does an IVA work?

An IVA agrees for you to make one monthly payment to your insolvency practitioner each month. This amount is negotiated between the insolvency practitioner and the creditors based on what is affordable to you without causing financial insecurity and hardship. 

Note, you are not guaranteed to have an IVA proposal accepted. 

The practitioner takes a fee from this payment and then divides it between your creditors proportional to how much debt is owed to each one. This usually lasts for five years and at the end of the repayment term, all unpaid unsecured debt is written off. 

However, if you own a property or have home equity, you may be required to borrow against your home to pay back more of your debt to end the IVA. if this is not possible, you could be asked to keep the IVA active for a further 12 months.

Are IVAs reviewed?

Your IVA will be reviewed each year. You will discuss any changes to your personal finances with your insolvency practitioner to see if changes to your monthly payments are required. Changes to your personal finances could cause payments to increase or decrease. Withholding information about your finances to avoid your IVA payments increasing is an offence, such as not disclosing a pay rise at work or a windfall you received.

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Is all this information starting to feel overwhelming? Don’t panic! There’s plenty of help available. You can get started below.

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Is an IVA confidential?

Your employer, friends and family will not be informed when you get an IVA. In this regard, an IVA is strictly confidential. However, if you have shared ownership of a property or a joint mortgage, the other party may need to be informed about your IVA as per the equity clause in an IVA agreement. This is the clause that asks you to release equity at the end of the IVA.

Moreover, taking out an IVA is not entirely confidential and will be recorded publicly. Read on for more information about public records of IVAs.

Are IVAs published?

Details about your IVA are published on a public register called the Individual Insolvency Register. Your IVA details will be present on this register from the time your IVA begins to three months after the completion of your IVA. This register is usually checked by companies and lenders. It is not as often used by the general public.

Your IVA will be visible on your credit report for six years from the date it starts. If you finish your IVA early, it will remain on your credit file until six years have passed, but it will be marked as completed. 

How can I find out who my IVA was with?

You can find out the details about your IVA by contacting your insolvency practitioner or the company they worked for. They’ll also be able to provide you with an IVA completion certificate for free. 

Learn more facts about IVAs

It’s common to have lots of questions about IVAs while considering this debt solution, which is why MoneyNerd has dedicated so many articles to discussing IVAs. Browse our other IVA guides for more clear and concise information on related topics. We hope to welcome you to our blog again soon! 

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