The Individual Insolvency Register: How long do you stay on it?

Since the Individual Insolvency Register (IIR) is a public record of people who have been declared insolvent many find it particularly embarrassing to appear. With anyone able to see that you have dealt with financial struggles, you may want to know how long you will stay on their system. In this article, we answer this question and a few other frequently asked questions about the Insolvency Register.

How often is the Individual Insolvency Register updated?

The IIR is frequently updated by The Insolvency Service and within 3 months after your insolvency case has ended, you should be removed from the register. Previously before April 1st, 2004, anyone on the Individual Insolvency Register would have to wait 2 years after they were discharged to be removed. 

The IIR is now updated more frequently to relieve the stigma that people who have finished their period of insolvency face. 

Why am I on the Insolvency Register?

There are many reasons why people may end up on the IIR. In some cases, it may be due to financial difficulties such as the loss of a job or unexpected expenses. In other cases, it may be the result of poor money management or impulsive spending. Whatever the reason, being on the register can have serious consequences. 

To be put on the Individual Insolvency Register, you need to be currently facing restrictions relating to:

• A Debt Relief Order (DRO)
• An Individual Voluntary Agreement (IVA)
• A Bankruptcy Restriction Order (BRO)

Why am I not on the Insolvency Register?

You may have previously appeared on the Insolvency Register, but you no longer appear on it. As mentioned above, this is likely due to your insolvency period and the 3 months have expired. 

If you have never been responsible for the insolvency of a company or have never been in debt where you cannot maintain payments, you will not end up on the register.

However, if you have dealt with financial struggles and made it on The Insolvency Service system. Here is a list of reasons why you may have been removed from the IIR based on the type of insolvency:

How long does a bankruptcy stay on the IIR?

If you were declared bankrupt, this period only lasts a year until you are discharged from its restrictions. So, after 15 months, your name should be removed from the register. The only event that will prevent this is if you experience a “delayed discharge”, which usually occurs when you have been dishonest about information concerning your bankruptcy. 

How long does an IVA stay on the IIR?

With an IVA you will be discharged 3 months after completing your final payment. Usually, an IVA lasts 5 years, however, you can pay a lump sum to end your agreement early. This will allow the 3-month period to begin earlier.

How long does a DRO stay on the IIR?

If your details were on the register regarding a DRO, it will be visible for the duration of the DRO, this is usually 12 months plus the 3-month period after your DRO ends.

As you now know, the reason you are likely off of the IIR will be due to you passing your specific restriction period and the 3-month threshold after you have cleared your debt.  

Read more on the various forms of insolvencies: What is the downside of filing for bankruptcy? 

Why is the Individual Insolvency Register public?

Anyone can visit Insolvency Direct and look for someone by name or by their company to see if they are on the Insolvency Register.

It is important to keep this information available to the public for transparency and allow creditors to identify people who may be unable to repay their debts. The register is also used by financial institutions when assessing loan applications and by employers when conducting background checks. Making the Individual Insolvency Register public helps to ensure that debtors are held accountable for their actions.

In addition to this, it can be helpful for landlords who want to know if they trust someone to rent their property and for organisations collecting data for research on debt.  

Asset Solution will help you

If you are worried about debt, bankruptcy or possible personal insolvency, contact Asset Solutions today at 0800 689 3861. Our experienced team members provide unrivalled assistance to individuals throughout the entire insolvency process and help to stop bankruptcy. We understand that anyone facing problem debt is likely to feel overwhelmed and intimidated. That’s why we’re here to support you throughout the process and help you achieve the best results possible for your situation. Contact us today for more information.