What is the IVA Register? Can it help you to Become Debt-Free?

IVA Register

The IVA Register or the Individual Insolvency Register. It generally contains all the information about the past and present bankrupts, various types of debt relief orders, most recent IVAs, updates on the restrictions of debt relief orders and many more. 

Your name will only appear on the register if the creditors approve the IVA that you are going to avail. In the master database, all the details will be stored until the IVA is over. The entire matter is managed by the Insolvency Service, based in England and Wales. 

IVA Register: Can Anybody View it?

Yes, the IVA Register is available for everyone. As it is registered online, it is also accessible to the public, who wants to check the details. The authorized agency is basically responsible for updating all the records in your IVA database. The primary key for the search is your reference number, as well as the initial name. Then, it is followed by the surname. 

The Contents of the IVA Register

The Individual Voluntary Arrangement register contains some of the important detailed information. They are the date of IVA approval, name, date of birth, gender and permanent residential address. Here, the creditor’s verification and approval are most necessary. When the scheme ends, it will take near about two to three months for all the information to disappear from the register. 

Why is the Register available to Public?

There are several reasons behind that. As you already know that the creditors will always try to look into the register. On the other hand, your identity will be confirmed by other people only by the date of birth. Some of them use your date of birth as the primary key for the search and name as the foreign key. To avoid any troubles in the near future, your register is kept public so that people can view it. 

The Steps for Getting Registered

The Insolvency Practitioner is the only person who can help you in this matter. It will be a terrible idea to proceed with the steps without consulting with an expert.

Step 1

Dig deep and search for an organization that renders debt relief to the people. After that consult with your practitioner and make sure that the organization is reliable. 

Step 2

In this step, it is time to consult with the creditors. You must be present in front of the creditors while the IVA executive will manage all the formal procedures. 

Step 3

When the practitioner will prepare the IVA, you have to give all the detailed information. The list of your assets and liabilities, income and expenditure, others. During the verification process, if something goes wrong, then your IVA will be cancelled. 

Step 4

During the voting process, more than 75% of the creditors have to agree in getting the IVA successfully. After that, the presence of the IVA will be necessary as he/she will manage all the payments that the creditors will get at the end of the month, according to the plan. 

Now, your details are on the IVA register. These details are going to stay active as long as the IVA lasts. 

All the General Accessible Information 

The IVA Register will give you access to all the necessary and additional information. They are here as follows: 

  • Initial, middle and surname
  • Service and trading details
  • Date of birth
  • Residential address
  • Gender type
  • Ongoing orders on bankruptcy
  • The date and time of discharge
  • All the address of the creditors 
  • Details of the previous bankruptcy orders (6 years at least)

If you want to make any changes in these details, then communicate with the IVA executive. He/she will help you in updating the register. 

Access to the Fast-Track IVA

In the IVA register, there is a sub-part, it is known as the Fast-Track IVA. This sub-part contains some information that you might require in the future. They are like:

  • Name
  • Residential address
  • Date of birth
  • Gender type
  • Date of IVA approval
  • The name and all the details of the supervisor

If the supervisor is swapped somehow, don’t worry. The newly appointed supervisor will help you in updating the register. 

Are you having a Bankruptcy Order?

Having an order of the bankruptcy in the IVA Register will reflect several new details, such as: 

  • Name and occupation details
  • Date of birth
  • Gender type
  • Permanent residential address
  • The statement of the bankruptcy order 
  • Date of issue of the order
  • Date of the acceptance of bankruptcy order
  • Duration of the order that is ongoing

The order will remain active unless and until you settle the amount by paying back the remaining amount of money. 

Let’s have a look at the Time Durations

Several reasons and consequences of debts have their own life span. You will get to know more about them by studying the details given below. 

The Bankruptcy

The details of the bankruptcy will be active on the IVA Register for three months, after the end of the IVA. When the three months have passed, the secretary of the state will release the notice of reliving you from bankruptcy. Regarding the cancellation of the bankruptcy, there will be no change in the former’s role in your register. 

Debt Relief Order

The DRO or Debt Relief Order is also going to stay in your IVA Register for near about three months. Just like the bankruptcy, after the period is over, it will be automatically eliminated and it will give your credit report a fresh start. 

If you talk about the Fast-Track IVA and debt relief restrictions, the time duration is the same. It will be removed only after a notice is issued by the secretary of state. 

What about the Credit Score?

For future credit and sales, the credit score is one of the most important aspects that you should look upon. Having debts will definitely affect your credit score. The register will not directly impact your credit score. However, the effect will remain in your credit reports for several years, making you face a troublesome situation in further credit purchases.