Does having an IVA affect getting a job?
This depends on the job you’re applying for. Most employers don’t run the types of credit checks on their candidates that would show an IVA, but some might do. Credit checks are more likely to be the case if you’re applying for a role where you could access other people’s money.
By law, prospective employers should always ask you in advance if they’re going to run a credit check.
What happens if I lose my job during an IVA?
If you lose your job during your individual voluntary arrangement, you might be worried that your IVA will be affected, because of the change in your financial situation. If this happens, you should tell your IVA supervisor as soon as possible, and they’ll go through the options with you.
If you do lose your job, this will not automatically cause your IVA to fail.
IVAs are usually quite flexible. Depending on the terms of your arrangement, if losing your job has left you struggling to keep up with payments, it might be possible to:
- Request a payment break of up to nine months
- Ask your creditors to let you suspend your monthly IVA payments until your financial situation improves
Can I get an individual voluntary arrangement with StepChange?
We can set up and manage your IVA for you through our award-winning subsidiary, StepChange Voluntary Arrangements, if this is a solution we recommend to you.
An IVA is a legally binding debt solution that can have serious consequences, so it’s important you’re fully informed before you go ahead.
Find out if an IVA is right for you
If you’re concerned about your financial situation, use our online debt advice tool or call us and speak to one of our expert debt advisors.