The IVA Register
What is the IVA register?
If creditors approve your IVA, you will then be listed on the Insolvency Register, also known as the IVA register. The IVA Register is an online database, where the details of your IVA will be stored until it’s completion. It is managed by the Insolvency Service and covers insolvencies in England and Wales. The Northern Ireland Insolvency Register is maintained by the Northern Ireland DTI.
The Insolvency Register also features the details of any current bankruptcies, as well as any debt relief orders.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Management Plan?
A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.
What is a Self-employed IVA?
A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.
What is a Debt Relief Order?
A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.
What is Bankruptcy?
Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.
Who can view the Insolvency Register?
The register can be searched for online and is accessible by anyone, although it is mainly used by creditors searching for credit applicants or credit reference agencies to update their records.
Those searching for a particular person on the Insolvency Register simply have to key in a surname and forename to search the system and this will bring up a list for them to sift through.
What information is included on the IVA register?
The register is used to make note of when you entered an IVA agreement but also includes the following information:
- the date your IVA was agreed and approved
- your name
- your date of birth
- your gender
- your last known address
Once you and your creditors have agreed to your IVA, these details will then be placed on the register and will sit there until your arrangement finishes. It’s important to note that following completion, it can take around 3 months to remove your details from the Insolvency Register – your IVA supervisor will request that it is removed for you.
Why is the IVA register open to the public?
The information stored on the IVA register is used for a variety of purposes, such as an access point for creditors looking for information, employment screening, debt recovery and credit reference purposes.
Your date of birth is featured as part of your listing on the register, to ensure those searching have the right individual to avoid any identity errors occurring.
If you have completed an IVA and your details are still on the register you can contact the Insolvency Service and report any errors. It’s important that you check and ensure everything is correct to avoid future issues when taking out credit in the future.
An IVA is an excellent solution for those seeking assistance with managing their debts, but it’s important when considering an IVA that you understand the implications and what is expected of you. If you work with us to arrange your proposal, we will ensure you understand the process and everything involved, without you paying an up-front fee.
If you are struggling with debt and considering an IVA, talk to PayPlan about how we can help.
*In the case of a one-off lump sum settlement