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Brother with IVA
Beanie28
Posts: 3 Newbie
My brother and I are both currently living with my mum at her house. We are the complete opposite when it comes to money, I've always been a saver and him a spender.
He has recently got into financial difficulties and has taken out an IVA. He's starting to get his finance sorted. My mum however is worried it will blacklist her house and will impact both of us in the future. Is she right?
I thought as neither of us shared any bank account there is no way to connect us.
Also does anyone have any advice on how I can support my brother.
Thanks
He has recently got into financial difficulties and has taken out an IVA. He's starting to get his finance sorted. My mum however is worried it will blacklist her house and will impact both of us in the future. Is she right?
I thought as neither of us shared any bank account there is no way to connect us.
Also does anyone have any advice on how I can support my brother.
Thanks
0
Comments
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There is no blacklist. His credit history will be impacted by his insolvency for the next 6 years. Anyone who has a joint financial product with him (loan, mortgage, current account) during that time will likewise be affected. No-one else.
If he doesn't own property why has he done an IVA?0 -
Addresses being 'blacklisted' is complete hearsay and untrue. Unless you have a joint financial product with him there will be no impact for you or your mothers credit files.0
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My mum however is worried it will blacklist her house and will impact both of us in the future.
You mum has no need to worry. As houses cannot borrow money they cannot be blacklisted.Also does anyone have any advice on how I can support my brother.
Yes, don't bail him out - otherwise he will fail to learn from the experience. Let him work his own way out of debt and he, hopefully, will be less likely to get himself into a similar situation in future.0 -
Thank you for your replys. I didn't think houses were blacklist.0
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