Many people seeking debt solutions worry about their debt becoming public knowledge, making privacy an important consideration when deciding how to manage their finances. The question of whether an Individual Voluntary Arrangement (IVA) is private or public is an important one for those considering this debt solution.
Will My IVA be Made Public
Individuals who are in the process of setting up an Individual Voluntary Arrangement (IVA) to manage their debts frequently ask whether or not their IVA will be made public. The answer is that, in most cases, an IVA is recorded on the Individual Insolvency Register (IIR), which is maintained by the Insolvency Service in the UK. This register is publicly accessible and provides some basic information about individuals who have entered into insolvency proceedings, including details about their IVA. While this may seem like a cause for concern for those who value their privacy, it’s important to note that the information disclosed on the IIR is limited and does not reveal the individual’s complete financial circumstances or their repayment plan. Nonetheless, for some individuals, the knowledge that their IVA is on a public register can be a source of discomfort or embarrassment. It’s important to understand the implications of your IVA becoming public and take steps to mitigate any potential negative impacts.
Who Has Access to Your IVA Information on the BIR
The Individual Insolvency Register (IIR), which records details of individuals who have entered into insolvency proceedings including IVAs, is publicly accessible, but the information displayed on it is limited and only provides basic information about the individual’s IVA, such as their name, address, and the date their IVA was approved, which means that only authorized persons, including credit reference agencies and insolvency practitioners, are granted access to this information.
Some Common Misconceptions About IVA Privacy
There are several common misconceptions about the privacy of Individual Voluntary Arrangements (IVAs), which can be misleading for those considering this debt solution. One of the most common misconceptions is that entering into an IVA means that your financial situation will be made public, and that your creditors will be able to access your personal financial information. However, as previously mentioned, the information that is disclosed on the Individual Insolvency Register (BIR) is limited, and does not reveal detailed information about the individual’s financial circumstances or repayment plan. Another misconception is that an IVA will affect the individual’s credit score, making it difficult to obtain credit in the future. While an IVA will be noted on the individual’s credit report, it can actually improve their credit score by demonstrating their commitment to repaying their debts.
Where Can I See the Bankruptcy and Insolvency Register
If you want to see what information is held about an individuals insolvency, you can do a search here; Bankruptcy and Insolvency Register, just follow the on screen instructions and you will then be able to see what information is held on individuals.
Will my Individual Voluntary Arrangement (IVA) be Public Record?
The short answer is yes, but in this post you will learn to what degree your IVA is public. You will also be able to see what information the Bankruptcy and Insolvency Register makes visible for anyone who wishes to search the register.