Bankruptcy question

Abi5656

Hi there
My son has a Iva in place but he's struggling to pay it
He wants to declare himself bankrupt he still,lives at home
Me an hubby have a mortgage and good credit
How will this effect us we're very worried can anyone offer me some advice
Thanks in advance.

MovingForwards

Your son's credit history is only attached to him, unless you or your hubby had joint finance somewhere with him.

It is not attached to the house, does not show on your credit history unless you have joint finance with him.

To help others offer advice can you clarify any of the following:

How much are his debts?
What's his income and expenditure?
Is he overspending or was the IVA payment unmanageable from the outset?
Has there been a change of circumstances for your son from when the IVA was started?
Who is his IVA with?
Why did he originally go for an IVA instead of bankruptcy?
Does he have a car? If so, what's the value?

Just trying to cover a few angles!

MovingForwards

Forgot to say if he is working in a financial/utilities/law etc job bankruptcy will be an issue with his job.

MEM62

Abi5656 wrote: »

Hi there
My son has a Iva in place but he's struggling to pay it
He wants to declare himself bankrupt he still,lives at home
Me an hubby have a mortgage and good credit
How will this effect us we're very worried can anyone offer me some advice
Thanks in advance.

I am struggling to see how he cannot pay an IVA when living, presumably cheaply, at home.

If he declares himself bankrupt it will have a huge impact on his future. Being young I guess he will be wanting a mortgage at some point? He needs to take proper advice as, perhaps, he views BR as an easy option. He needs to understand that it is not. (And doing things the hard way will reinforce the lesson that he needs to run his finances responsibly)

Whatever route he takes it will have no direct impact on your credit files or financial standing.