Who is told about my IVA

Who is told about my IVA

Very few people will be told about your IVA. It is a relatively private agreement.

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Who will find out about your IVA?

Other than the creditors you have included in the Arranagement very few people will find out that you have started an IVA. Your family and friends will not be told.

However if you are living with a spouse or partner it is not sensible to try and hide your situation from them. You will have to provide information about their income and live within a tight living expenses budget which will not be easy without their support.

If you are a home owner your mortgage lender could find out. However they will not be concerned as long as you maintain your mortgage payments.

Landlords will not be told. However a record of your IVA is added to your credit file. This may make it more difficult to rent a new property during the Arrangement.

What is the IVA Register?

Once you start an IVA your name and address will be recorded in the Insolvency Register (sometimes known as the IVA Register). This is maintained by the government and is publically accessible via the internet.

Anyone who wants to find out about your situation could search for your name on this Register. However it is unlikely to happen. Most people have no idea that it even exists.

If anyone were to come across the Register by mistake they cannot then just stumble across your details by scrolling down a list. They would have to specifcially search on your name.

Your details remain on the Insolvency Register for the duration of your IVA. They will be removed within 3 months of you receiving your Completion Certificate.

Is your Employer told out about your IVA?

Your employer will not be told about your IVA. In most cases they will not find out unless you tell them. As such your job is unlikely to be affected and you simply continue working as normal.

Having said that there are some jobs in financial services and elsewhere which require you to have a good credit rating. Where this is the case you should check with with your employer before starting an IVA.

Your Arrangement will be detected if your employer carries out a credit check against you. As such it would be wise to speak to them before applying if you know this happens in your role.

If you are a member of the Police or Armed Forces you will need to speak to your superior before starting an IVA.

Will your Bank be informed of your IVA?

If you do not owe them money and they are not included in your IVA your bank will not be told. You will be able to continue banking with them during the Arrangement.

Nevertheless if they are interested it is possible for them to monitor the Insolvency Register and discover your situation.

There are some banks who do not like to have clients who are in and IVA and they regularly check their client list against the Insolvency Register. These are currently HSBC (including First Direct) and Nationwide.

If your bank is included in youir IVA it is likely they will close your account. In these circumstances you should open a new account elsewhere before starting the Arrangement.