Loan application if address under IVA

W_Wonka73

Hi,
I have recently separated from my wife and I've moved back in with parents. In order to try and get my life back on track I need to consider a loan to consolidate two big credit card debts so at least I'm not paying off mostly interest. The problem I have is I would have to apply for a loan as living at my parents address and they are currently under an IVA for the next 5 years ( also doesnt help that my dad and I share the same name!).. Would my application flag as an issue because of this application at the address? As far as the electoral register is concerned I'm still living at my previous address but this is due to change based on 'wife' wanting to apply for council tax discount. Any advice is great fully received

[Deleted User]

Credit is personal to individual, not house numbers.

As long as you are not financially associated, there will be no issues.

I would get your addresses straight, especially when it comes to dealing with council tax.

bengalknights

as ZX states addreses have nothing to do with credit records,records are against individuals.

PeacefulWaters

The I in IVA means individual.

dresdendave

W_Wonka73 wrote: »

Hi,
I have recently separated from my wife and I've moved back in with parents. In order to try and get my life back on track I need to consider a loan to consolidate two big credit card debts so at least I'm not paying off mostly interest. The problem I have is I would have to apply for a loan as living at my parents address and they are currently under an IVA for the next 5 years ( also doesnt help that my dad and I share the same name!).. Would my application flag as an issue because of this application at the address? As far as the electoral register is concerned I'm still living at my previous address but this is due to change based on 'wife' wanting to apply for council tax discount. Any advice is great fully received

To way to get your life back on track (financially speaking) is to reduce the CC debts, not just shift them to a different lender. If you already have major CC debt, unstable address history, are you likely to get a loan at a much better APR than the CC's?


A better approach would be to slash all spending to the bare minimum, look for extra work and pay as much as possible off the cards every month. Plenty of advice on the DFW board as to how to go about this.

sourcrates

W_Wonka73 wrote: »

Hi,
In order to try and get my life back on track I need to consider a loan to consolidate two big credit card debts so at least I'm not paying off mostly interest.

Any advice is great fully received

You may find consolidation is not the way to "get your life back on track".

Its can be the next step towards bankruptcy, ask any bankrupt how their financial troubles escalated, and you can bet your bottom dollar most will have consolidated at least once, often more.

Its not a solution that's recommended due to the fact the debtor does not address the problems that got them into debt in the first place, those cards or loans they recently consolidated, soon get racked up to the limit again.

Far better to budget correctly, throw all you can at the debts, and clear them as quickly as possible, rather than what you are suggesting.

StopIt

W_Wonka73 wrote: »

Hi,
I have recently separated from my wife and I've moved back in with parents. In order to try and get my life back on track I need to consider a loan to consolidate two big credit card debts so at least I'm not paying off mostly interest. The problem I have is I would have to apply for a loan as living at my parents address and they are currently under an IVA for the next 5 years ( also doesnt help that my dad and I share the same name!).. Would my application flag as an issue because of this application at the address? As far as the electoral register is concerned I'm still living at my previous address but this is due to change based on 'wife' wanting to apply for council tax discount. Any advice is great fully received

Ask your parents why they're in an IVA, and ask if they tried consolidation loans before the IVA?


I may be wrong, but you'll likely get the answer of yes.


Come to the DFW boards, it's cosy here and bring an SOA along as we can look into ways to deal with this debt with you.

cjmillsnun

First off as others have said I'd be doing an SOA and trying to reduce your debt instead of taking out yet more debt. I have defaults on my file. They are from consolidation.

Secondly if you must go down the route of more credit (seriously I would advise strongly against it)
You shouldn't have a problem with the IVA, however because you and your dad have the same name, and will be at the same address that information may be incorrectly recorded onto your files. You do want to check your files after moving in to make sure your dad's debts do not go on there!