if my son goes bankrupt at my address will this cause problems for us

mammaju

My son is in debt of about 30000 he is under a iva at the moment and has been struggling to pay £500 per month .He has a permanent job and did have a second job as a doorman but due to trying to renew his licence which is a major problem he is unable to do his second job he has asked if he really hasnt any option to declare himself bankrupt what affects would this have at my address i have a mortgage but nothing on hp would i personally have problems getting this if he was to declare himself bankrupt from here.please help as it is really depressing him

Broken_hearted

It shouldn't but in my experience it does. I wouldn't worry too much though as my mortgage has never been effected by DH's debt problems.

dalip

Hi
Years ago it used to be a black mark against the address of the bc.Now it just goes against the name of the bc.So no it should affect you whatsoever.Good luck to your son.Dalip

dalip

Broken_hearted wrote: »

It shouldn't but in my experience it does. I wouldn't worry too much though as my mortgage has never been effected by DH's debt problems.

BH
What sort of problems did you have if you do not mind me asking.I am interested as my daughter is having problems getting a car loan. I am begining to wonder if it is my fault.Dalip

fermi

It certainly shouldn't effect you as long as you have no financial links; e.g joint loans/accounts etc.

Simply sharing an address doesn't nowadays create a link between your credit records.

But saying that, it would be prudent to check your Credit Reference Files before, and a while after ,his bankruptcy to make sure anything doesn't creep on there in error. It has been known.:rolleyes:

Broken_hearted

I got turned down for credit cards despite having a good credit score and very little credit. Has your daughter had credit before, as it might just be her lack of credit history causing the problems.

dalip

Broken_hearted wrote: »

I got turned down for credit cards despite having a good credit score and very little credit. Has your daughter had credit before, as it might just be her lack of credit history causing the problems.

Cheers BH
Yes she has a store card with a small amount on. Perhaps i am being a little over senestive!Dalip

Broken_hearted

I think a lot of my credit problems started when I married DH, before that I could get credit. In the long run they did me a favour as I'd probably have taken a loan to clear his debts rather than joining MSE and setting targets.

dalip

BH

Yes i know what you are saying and i whole heartedly agree and i am in some way pleased they are refusing her, but these 23 yr olds won't be told! Also she owes me some money which i could do with at the minute!:o .The only offer she had was from capital 1 at 24.9% APR,robbing bastar**.How do you tell a know it all????????????????????.Dalip:eek:

homer01

i didn't think it would have an effect on my parents address, i'm scared now as they don't know ive gone bankrupt!! oh god i hope they don't go to get credit, if they do and get refused will they be able to find out its coz of me?

if it comes to that, i'l have to fess up and thats a conversation i don't want....

tigerfeet2006

Homer it shouldn't affect your parents at all unless you have any joint loans etc. Why don't you get hold of your credit files and check if there is any connections. I might put your mind at rest. Don't forget to get all 3.