IVA : Will An IVA Affect My Parents Credit Rating If I Live At Home?

If you are in an Individual Voluntary Arrangement (IVA) and you still live at home your Individual Voluntary Arrangement (IVA) will be registered on the credit register using that address.

This does not mean that your Individual Voluntary Arrangement (IVA) will affect other occupants at that address. It used to be the case that addresses were taken into account when credit reference agencies were searching someone's credit history. Nowadays addresses are not considered when searching somebody's credit history.

This has the affect of having no impact and not tarnishing other occupants of the premisses because one of the other occupants is in an Individual Voluntary Arrangement (IVA). 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 experts at myIVA-Adviser.com on 0800 088 7503 or use our online calculator to see if you qualify for an Individual Voluntary Arrangement (IVA).

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