Mortgage application form

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Chrisdr19

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Post by Chrisdr19 » Sun Jul 12, 2015 8:49 pm
I have finished my IVA this year and it will be 6 years from the start in Jan 2016.....

Can anybody help with this one please:

Looking through some application forms and am wondering if I'm correctly interpreting this question -

"Have you ever been declared bankrupt or entered into a voluntary arrangement with a creditor in the last 6 years"

Would this mean 6 years from the start or the end...? My take is that it would be from the start, since they are using the word "entered"...?

Cheers
 
 

Foggy

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Post by Foggy » Sun Jul 12, 2015 8:54 pm
Personally I would use the start date -- if this was prior to 6 years ago, I would answer no.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

luluj

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Post by luluj » Tue Jul 21, 2015 5:07 am
I agree with foggy ... the word entered infers start.

Ryan ....what's your interpretation ?
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Lisa Thomas

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Post by Lisa Thomas » Tue Jul 21, 2015 9:42 am
I agree with the others - your answer would be no and no-one could criticize you for answering in that way.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

plasticdaft

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Post by plasticdaft » Tue Jul 21, 2015 9:52 am
Entered means start date. Well worded form for a change!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Chrisdr19

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Post by Chrisdr19 » Tue Jul 21, 2015 10:19 am
I'm glad that others share my opinion, could this be the start of a realistic view from lenders?
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jul 21, 2015 11:06 am
I agree this implies the start date but it also shows that there is a potential to treat IVAs and bankruptcies differently. It asks have you 'ever' been bankrupt as opposed to entering an IVA in the last six years. This means you would probably have to mention any bankruptcy no matter how old and this could be held against you.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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