Will an IVA affect your job?

This is a common concern amongst people applying for IVAs. There is some confusion about it as many people assume that an IVA is made public like a bankruptcy, this is not the case.

Here we’ll explore some of the common misconceptions about IVAs and your employment;

• My IVA will be made public – False, your IVA will not be made public. It’s a private agreement between you and your creditors. The only other person who will know about it is your Insolvency Practitioner. Unlike bankruptcy, details of your IVA will not be printed in The London Gazette or local press. Though, as with bankruptcy, your IVA will be listed on the Government’s insolvency website.
• I have to tell my employer about my IVA – Again this is false, but certain professions; solicitors, accountants etc may need to disclose the IVA to their regulatory body. If you’re at all unsure, it’s definitely a good idea to check the terms and conditions of your employment contract before you take out an IVA.
• Do I need to tell anyone about my IVA when applying for a new job? – For most jobs, the answer would be no, but again some professional bodies and organisations may have their own policies on IVAs relating to their industry so it pays to do your homework before applying.
• What if my employer finds out? – This is not likely, though you may have mentioned it to someone in confidence and word has gotten out in your workplace. For the vast majority of professions, having an IVA will not affect your job at all and it’s a private agreement so you shouldn’t feel obliged to discuss it further if it does come out.
• How will losing my job affect my IVA? – If you’re made redundant it’s absolutely crucial that you let your Insolvency Practitioner know immediately. They can then get an agreement in place with your creditors to either reduce or put your IVA repayments on hold while you look for another job.
  

If you’re worried about how an IVA could affect your employment or want to know more about how an IVA compares to bankruptcy when it comes to your job, you should contact a professional debt adviser for more information.

Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA