I am in an IVA (started this month) and I was pleased to avoid bankruptcy as it could affect my employment. I now find out they need to know if I am insolvent. Which has worried me somewhat as it could affect promotion prospects.
You are classed as insolvent, and your name is on the insolvency register.
An IVA is not the same as bankruptcy and shouldn't be classed as the same, but you will find that some places do lump them together.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You were insolvent at the time of entering into your IVA (you had to be to present one). Now as long as you keep up your monthly contribution you have nothing to fear and at the end you will be debt free and not insolvent. You probably are not insolvent at this moment in time even though your name is one the Insolvency Register.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You are insolvent if you are party to an Individual Voluntary Arrangement - notwithstanding that you have entered into a compromise agreement with your creditors. I think you would be wrong to suggest that you are not insolvent on any future job application forms.
