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Thought this may be worth noting...

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Thought this may be worth noting...

edited 30 November -1 at 1:00AM in IVA & DRO
4 replies 1.3K views
maxmycardagainmaxmycardagain Forumite
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edited 30 November -1 at 1:00AM in IVA & DRO
An IVA is logged online on the IS site just like a BR, my mate had an IVA for 2 years (paid £12,000 into it) had to go BR then finds his IVA and his BR are both online and in the public domain....

nice
Dont worry, be happy

Replies

  • coolcaitcoolcait Forumite
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    In Scotland too - Trust Deeds appear on the Register of Insolvencies, just as bankruptcies/sequestrations do.

    I THINK that they stay on the Register until a year after the trustee has been discharged, but I'm not 100% sure on that. :o
  • But unless someone was specifically looking for you how would they find out
    :grinheart I'm getting there...... slowly but surely
  • coolcaitcoolcait Forumite
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    lexie2005 wrote: »
    But unless someone was specifically looking for you how would they find out

    True - especially in Scotland - where you have to pay £16 to search the Register of Insolvencies :eek:

    Access to the Edinburgh Gazette is free, and Trust Deeds are also advertised there.

    AIUI, financial organisations supposedly check the Edinburgh Gazette as a matter of routine. I suspect that they may be a little less rigorous than that in reality!

    I don't know about IVAs, but I know that trustees in Trust Deeds are required by law (since 1 April) to let people know that the trust deed may become public information (before the client signs the trust deed). The Accountant in Bankruptcy's guide to trust deeds mentions it being advertised in the Edinburgh Gazette, and that it will be recorded in the Register of Insolvencies, which is a public record.

    As long as people know about all of the above, they can make their own judgement about the risks of people they know finding out about it.

    In my cynical way, I suspect that trustees might not always have made this clear to their clients, and that's why the law was changed/made clearer earlier this year.
  • RylynnRylynn Forumite
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    I do not think that was the point of the post, I was not even told my name would be on this register by my IVA company, I found out when I came here after it failed due to ill health, I am now BR.

    I think the point was, that many think they are not on the public domain, and also that the stigma of BR Is worse it is NOT believe me! and I am now DEBT free I was never that in the IVA, not til the day it ended, which it did not as I have said.

    I would not recommend and IVA to anyone, unless they could lose their job or want to protect their home.

    It can also last 6 years and not 5, if you own your own home and no equity in year 4 they can extend another 12 months at end of year 5 I think you wil find!
    Some Days are Diamonds Some Days are Stones,
    Sometimes the hard times won't leave me
    BSC 162:beer:
    Banktupt 22 Oct 2008 at 10am!
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