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Joshua
Joshua, Lawyer
Category: Property Law
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Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I had an IVA in 2007 Which I terminated in 2009. The insolvency

Resolved Question:

Hi I had an IVA in 2007 Which I terminated in 2009. The insolvency practitioner officially terminated it in 2012. There is no record of it on my credit file and it is not on the online Insolvency service register. I now have an excellent credit rating and have received a mortgage offer on a property I am trying to purchase, the bank asked me if I have ever been bankrupt which I haven't, however did not mention an IVA.
My question is will anything show up on the K16 Bankruptcy search done via my solicitor? and is there any way I can have this search carried out separately to my solicitor. thanks
Submitted: 2 years ago.
Category: Property Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

May ask if you completed the application for yourself or read the precise wording of the question please or was it completed for you please?
Did the question specifically ask whether you have been made bankrut or did it also refer to insolvency or entring arrangments with your creditors?
Customer: replied 2 years ago.

Hi It was completed for me by a mortgage broker who is fully aware of my situation. The question is specifically about the K16 search

Expert:  Joshua replied 2 years ago.
Thank you. if the form specifically asks whether you have ever been made bankrupt, it is in order for you to answer "no" to this question. Some lenders will ask if you have ever entered into an arrangement with your creditors or ask if you have ever been insolvent (latter is rare) and in both these cases, you would have to answer "yes". It is very important that you are 100% satisfied as to the exact wording of the application form because answer a question falsely on a mortgage application form can constitute mortgage fraud and given the amount involved with regards ***** ***** they can be very severe penalties for mortgage fraud. Brokers tend to avoid liability by simply claiming you gave them the information leaving you to carry the can. Therefore if you have not specifically read all the questions on the application form yourself, I would strongly recommend you obtain a copy from the broker and read it again carefully to satisfy yourself that it complies with the above. Providing the form does only ask about bankruptcy as you believe, then as above, your answer is legitimate. IVAs will not be revealed on a K16 search. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Customer: replied 2 years ago.

Thank you, ***** ***** be clear my IVA will not be revealed on the Solicitors searches relation to bankruptcy (k16)?

I shall contact my financial advisor tomorrow to get a full copy of the questionnaire as I understand I am liable for the answers within it and shall carefully check them

Expert:  Joshua replied 2 years ago.
IVAs don't show up on K16s because they are not bankrtupcy entries. K16s just seach against court bankruptcy entries. Your approach appears spot on. I hope that application form is worded as you believe.I hope the above is helpful? Can I help you with anything else or has the above answered your questions satisfactorily? If you could drop me a quick message to let me know I'd be very grateful.
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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