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Living on a debt solution

How long will my name stay on the Insolvency Register?

Posted 27 August 2016

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If you are insolvent, your details will appear on the Insolvency Register. Learn more here.

In today’s blog, we’re going to explore how long your name will stay on the Insolvency Register. If you’re struggling to repay your unsecured debts and think you may need to start a solution to deal with insolvency, we’ll also explain what this means exactly and how to get the help that you need. 

What is the Insolvency Register?

The Insolvency Register is a record of all the people who are insolvent. It shows information such as the type of solution you’re on, your name, address and date of birth. It will detail who your Insolvency Practitioner is, whether that’s a Supervisor for an IVA or the Trustee of a bankruptcy. It will also show the date that your solution ended (if it’s already over) and details of any businesses you used to run if this applies to you. 

Although the Insolvency Register is publicly accessible, it’s really only usually used by people involved in the running of your solution, creditors and the credit reference agencies. 

There will be certain cases when someone needs to keep their details off this register because of fear of violence or abuse. If you’re in this situation, our blog I want to go bankrupt, but I don’t want my address details to be made public will help. 

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How long will I stay on the register?

How long you stay on this register depends on which solution you start. Your details will be visible for the duration of your solution and three months after it’s completed. 

If you happen to break the restrictions surrounding your debt solution, the rules can sometimes be extended. This is known as a restriction order. If this happens, your details will stay on the register while the restriction order is in place. 

Which solutions show up on the register?

Only solutions that are designed to help with insolvency will show up on this register, such as bankruptcy, Debt Relief Orders (DRO) and Individual Voluntary Arrangement (IVAs). So if you started a Debt Management Plan (DMP) for example, which is an informal solution, your details will not appear on this register. 

Am I insolvent?

If you are insolvent, it means you can’t afford to repay your debts or that the value of your debts amounts to more than the value of all the assets that you own. 

Just because you’re struggling with your debts, it doesn’t necessarily mean you need to start a solution to deal with insolvency. If you’re not able to pay your debts as and when you agreed to, then you are considered insolvent on a cash flow basis. But you might be able to restructure your payments and after a certain amount of time pay all your debt back. So you might not need to start a formal solution to deal with insolvency - a Debt Management Plan (DMP) or a debt consolidation loan might be a more appropriate way forward in some of these cases. 

On the other hand, there are some people that will benefit the most from starting a formal solution like an Individual Voluntary Arrangement (IVA) or bankruptcy because of their specific circumstances. 

Where to get advice

If you’re not sure which solution is right for you, there’s lots of free advice available. Our advisors are specially trained to identify which way out of debt will benefit you the most. When you give us a call, they’ll take you through your income and expenditure to find out exactly what you’ve got coming in and out of your household each month. They’ll also look into the details of your debts like who you owe money to and how much you owe, so they can work out how much disposable income you’ve got to put towards your debts each month. 

After having a chat with you about your circumstances, as well as your plans for the future, our advisors will be able to find the right option for you. 

You’re also able to get free and impartial money help from the Money Advice Service. 

 

 

 

 

 

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.