If you are concerned that your IVA will affect your parents credit rating because you still live at their address, don’t be.
Your IVA is just that - ‘Your IVA’. Not your parents!!
Just because you share that address does not mean their credit rating will be affected.
If you enter an Individual Voluntary Arrangement (IVA) and you still live at home your Individual Voluntary Arrangement (IVA) will be registered on the IVA register including a note of your address.
This does not mean that people living at that address will come to know about your IVA, or that your Individual Voluntary Arrangement (IVA) will affect their credit rating.
It used to be the case that addresses were taken into account when credit reference agencies were searching someone’s credit history, but nowadays addresses are not considered when searching someone’s credit file.
This is the reason there is no impact nor tarnishing of your parent’s or any of the other occupant’s credit ratings.
If however you share an address with someone and you also share a financial link with them it is then likely that your Individual Voluntary Arrangement (IVA) will affect their credit rating.
So in answer to the question whether your Individual Voluntary Arrangement (IVA) will affect your parents credit rating the answer is No unless you share a financial link.
This link could be in the form of a bank account or a shared credit card or some other form of link
Personal debt is growing, daily trapping people in a cycle they do not know how to escape from.
If you are affected by debt and think that an Individual Voluntary Arrangement (IVA) can help you why not chat to one of our IVA consultants at My IVA Adviser on 0800 088 7503
Alternatively you could use our on-line debt calculator to see if you qualify for an Individual Voluntary Arrangement (IVA).
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