Will my IVA affect the people I live with?

If you are concerned entering an IVA will affect the credit ratings of people you share an address with, then don't be.

Your IVA is just that - 'Your IVA' and, therefore, will have no impact on the credit rating of anyone living with you, that is, so long as you keep your finances separate.

Insolvency Register

When you enter an IVA it will be registered on the IVA register, a public record containing details of all current insolvency cases in England, Wales and Northern Ireland.

One of the details that will be recorded will be your current address.

Fortunately, details held on the Insolvency Register are not indexed by search engines, such as Google or Bing, so personal information relating to your IVA won't show on in the search engine results.

Furthermore, Credit Reference Agencies no longer associate people living at a shared address as automatically having a financial association.

Beware of financial associations

Historically, having a shared address did create an 'association' between cohabitants, which used to have an adverse effect when one had a poor credit rating. Fortunately, since a change to the law in November 2005, this is no longer the case.

Similarly, your IVA will have no affect on the future occupants of the address, either.

It's only when a direct financial association exists between two people, such as found with a joint debt such as a mortgage, a loan or bank account held in joint names that a cross-contamination of credit ratings may occur.

When there is a financial link, the healthy credit rating can be impacted by the damaged credit rating.

Getting IVA Help

If you're struggling with a debt problem and would like to explore how an IVA might be able to help you become debt free please call 0800 088 7502.

The team behind IVA.info have been assisting people enter IVAs for over a decade.

Simply use our on-line calculator to generate your free debt report to see if an IVA is a viable solution for you, or complete this form and one of the team will contact you at your preferred time.

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