Is an IVA considered a Bankruptcy?

MrFrugalFever

I have just over 1 year left of the IVA marker on my credit report (discharged in Oct last year) and I am confused that on some lenders websites it says under their eligibility terms;

- must not have been bankrupt in the last 6 years

No mention of IVA for some. Because of this, even the own lenders eligibility check is coming back as pre-approved but I am concerned that if I actually apply for a hard search then they will reject due to the IVA marker still being present.

My understanding is that if I took the above statement from a recent lender I was looking at as literal, then NO I haven’t been bankrupt, but perhaps someone with better knowledge could answer this for me?

On a side note, I have escalated a complaint with NatWest over the type of current accounts I am subjected to (foundation accounts) even though I have discharged from all legally binding terms since October last year and they absolutely will not change the accounts to anything until 6 years is up. Thought I’d just mention it in case anyone else was wondering if it’s possible....simply it’s not!

sourcrates

Bankruptcy and IVA are two very separate arrangements, the application is different, the requirements are different, the entire process is different, and the fee`s are different, you opt for the latter, to avoid the former, so no, they are not the same.

If the question was - "have you ever been declared bankrupt" ?

Then you would answer No.

If on the other hand it asked - "have you ever been declared insolvent" ?

Then you would answer Yes.

MrFrugalFever

Thank you it was what I thought but couldn’t really find an exact answer.
my so called ‘offers’ from MSE credit club said I had a good chance at being approved by NatWest for a personal loan. I bank with them and have done for 17 odd years but have never owed them money. They’re the very bank who won’t change my current accounts due to the Iva marker still present.

it says on their eligibility criteria about not being bankrupt within last 6 years but nothing about Iva or insolvent.

interestingly, barclaycard does mention Iva specifically in their eligibility criteria yet bizarrely they provisionally approve me on their credit cards (all) direct from their own eligibility checker……go figure?