Post IVA Solicitor Bankruptcy search do I need to be worried?

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running99
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by running99 » Thu Feb 01, 2018 11:26 pm
Hi,

As part of potential property purchase I understand solicitor will carry out a bankruptcy search. While I have never been bankrupt my IVA completed just over 3 years ago. I am worried my IVA may still show up somewhere, is this possible? I am not on any register now given completion so long ago. Does anyone know how solicitor bankruptcy searches work? Are they only looking for current or pending bankruptcies and nothing to do with IVAs?
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Foggy
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by Foggy » Fri Feb 02, 2018 7:49 am
I believe they only check the insolvency register so it shouldn't show up. I am presuming you have done all the usual "housekeeping" operations ( checking the register and credit files yourself).
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Ryan
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by Ryan » Fri Feb 02, 2018 8:21 am
I agree with Foggy's comments.
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running99
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by running99 » Fri Feb 02, 2018 8:27 am
Foggy wrote:
I believe they only check the insolvency register so it shouldn't show up. I am presuming you have done all the usual "housekeeping" operations ( checking the register and credit files yourself).



Yes. I am not on the register but as IVA only started 4 years ago it hasn’t dropped off my credit file even though it’s marked as completed. I know it takes 6 years from start date.
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Ryan
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by Ryan » Fri Feb 02, 2018 8:47 am
The Solicitor certainly won't be checking your credit reports so that wouldn't be an issue. Do you need a mortgage for the purchase as even though you've settled the IVA many Lenders still wouldn't look to lend until at least the 6 year point (many won't lend until 9 years after the start date)?

Regards
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running99
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by running99 » Fri Feb 02, 2018 9:12 am
I have a lender yes but they didn’t ask about an IVA. They are not aware of it.

I have a few solicitors telling me that the IVA even while completed could show up on their bankruptcy search. One solicitor told me they use equifax and Experian for bankruptcy search so it sounds to me that’s a full credit search not just a current register search which I am not on.
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Foggy
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by Foggy » Fri Feb 02, 2018 9:21 am
Has your lender given you a firm offer or just accepted in principle ? They could still reject when they do a search.

As for bankruptcy searches -- I do not know for certain, but I imagine the CRA's have a limited search product for such searches which only shows court information -- which will include an IVA, but which will show as completed, so will indicate that you are not currently in an IVA (or bankrupt).
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Ryan
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by Ryan » Fri Feb 02, 2018 9:27 am
As Foggy says how far down the Mortgage route have you actually got? Some Lenders don't actually do a credit search when they issue an Agreement in principle so it actually doesn't mean that much as once they do a search and find the IVA they won't lend.

Regards
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