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Could An IVA Affect Your Job Or Business?

Debt can affect every part of your life, from your relationships with co-workers to your job performance. The latter is particularly worrying when you have debts to repay, as the income you need to do so relies on you being able to keep your job or your business on track. However, you have to weigh up the long-term impact of the debt solution on your prospects for earning money. Could you end up with a lower paid job with less responsibility or a drop in sales because of your debts?

Below are some of the common questions we’ve been asked over the years about employment with respect to IVAs:

Will having an IVA prevent me from getting a job?

An IVA should not stop you getting a job unless you are applying for one that stipulates candidates must not be currently undertaking an IVA. This could be a possibility if you are applying for a position with strict vetting procedures, such as the Police, Fire Service or Prison Service, or a position with fiscal responsibility such as an accountant or solicitor. If you are part of a company that undertakes government contracts, you may even find you’re required to submit a financial statement along with you work colleagues to prove you are solvent.

Could an IVA affect my business takings?

Self-employed contracts can sometimes stipulate rigorous financial vetting of the business and the members of staff who will be working on a project, and it is likely that ‘no IVAs’ or significant debt will be a requirement. If you have an IVA or anyone in your team does, you could end up being considered ineligible to apply.

Does my employer need to know I have an IVA?

Unless a requirement of your job is that you must not undertake an IVA, your employer does not need to know. If you work in a profession that has strict rules about IVAs, then you will probably have to let your employers know what is happening.

Could I face a disciplinary or even lose my job?

It is unlikely you will lose your job. As for disciplinary action, it is more likely you would face this if you should tell your employer about an IVA and don’t. If they find out by accident it makes it look as if you attempted to deceive them and that won’t put you in a good light.

Many of the professions that have strict financial often also have Professional Standards or Welfare teams, who you could speak to in confidence. They may be able to suggest something or help your approach your employers in the right way to tell them.

Could my work colleagues find out I have an IVA?

Unless you say something, your work colleagues will not know you have one. Unlike Trust Deeds, IVAs are not published in the financial newspapers so no-one should find out unless they specifically search on the Insolvency Register.

I’m unemployed – can I have an IVA?

If you are unemployed and receiving benefit payments you are automatically ineligible to have an IVA. One of the requirements of an IVA is that you must have at least £175 of surplus income a month to pay to creditors, and it is unlikely that the money your receive would be enough to cover your day to day expenses, let alone debt payments too.

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By answering a few simple questions, our calculator will see if you can qualify to write off your unaffordable unsecured debts.

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An IVA only lasts for 60 months (5 Years). As long as you keep up repayments any unnafordable unsecured debts are written off.
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Simple Financial Solutions Ltd (SFS) is an introducer and not an insolvency practice. With your approval, following advice from your SFS adviser, if you choose to go ahead with an IVA then we will pass a completed fact-find to an Insolvency Practitioner who will then present a proposal to your creditors.

IVAonline.co.uk © 2017 All rights reserved. IVAonline.co.uk is owned by Simple Financial Solutions Limited. Simple Financial Solutions Limited. Registered office: Sovereign House, 58 Elliot Street, Glasgow, G3 8DZ. Company no: SC382881. FCA Authorisation: 0641275. Data Protection registration no: Z2440933.

All topics covered are written by the author John Woods for the IVAonline.co.uk website. Debt Solutions Subject to conditions and acceptance. Credit rating may be affected. Repaying debt over longer period may increase the total amount to be repaid. Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service. Call charges may apply if calling from a mobile. *You may be required to pay a contribution towards your debts. This contribution is assessed based on your income and expenditure and can last for 60 months or longer.