Who will know about my IVA?

For some people, the thought of friends or family finding out about their financial difficulties causes great concern.

Having a serious debt problem brings stress and pressure enough, without having to worry about who will find out about it and, indeed, what they might think should they find out.

Private Arrangement

IVAs are often referred to as private arrangements, particularly in comparison to the bankruptcy solution.

But, in truth, both an IVAs and bankruptcies are listed on the 'Insolvency Register', an online database available as a public record.

So there is a degree of exposure should someone you know choose to search the register.

Credit Reference Agencies use the register to keep their records up to date, and they will mark your IVA on your credit file. So, if you apply for credit during your IVA, that creditor will then be informed of your IVA.

But the good news is that your employer will not be informed, your family will not be informed and neither will any of your friends.

The people you live with

If you are a tenant, a lodger or if you're living with your parents, there will be no reason why anyone you are living with should ever find out about your IVA, unless you tell them.

This is because an IVA is treated as completely confidential amongst those people involved. Namely, your creditors and your Insolvency Practitioner.

Obviously these people will have a detailed knowledge of your IVA because it involves them to some extent or other.

Shared ownership of a property

However, if you are a homeowner, and share ownership with your partner, or hold a joint mortgage with another party then, unfortunately, things do change.

Under the Equity Clause of your IVA you will be expected to try and release a proportion of the equity from your home.

Therefore, before the IVA can be proposed to creditors, all interested parties would need to consent to the prospects of a remortgage taking place in the later stages of the IVA.

Please Note. Creditors are not entitled to claim any of the other owner's equity, but they must give their consent to allow you access to equity that's yours.

This, therefore, means that a shared property owner would be made aware of your IVA.

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