Credit check says we are not insolvent

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keith
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by keith » Mon Jan 08, 2018 11:18 am
We did a credit check and it came up as not insolvent could you tell me what this means please.
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kallis3
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by kallis3 » Mon Jan 08, 2018 11:21 am
Hi,

Can you give us more information please? Have you been in an IVA or a DMP?
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Foggy
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by Foggy » Mon Jan 08, 2018 11:28 am
A credit check will not indicate solvency -- it merely shows if you are a "good bet" to lend to, or not. You are insolvent when your assets and income cannot cover your debts.

Many of us in an IVA are not, in fact "insolvent", as we are protecting the biggest asset many of us have -- the home. We are juggling payments, and probably paying bils with more credit. At that stage our credit records might even look healthy .... but we know that bubble is about to burst and, by entering an IVA, we declare ourselves insolvent.
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Lisa Thomas
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by Lisa Thomas » Tue Jan 09, 2018 12:13 pm
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kallis3
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by kallis3 » Tue Jan 09, 2018 1:01 pm
If you're in a DMP however, it will not show up on the Insolvency Register.
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