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  • FIRST POST
    • Abi5656
    • By Abi5656 14th Jun 19, 8:01 PM
    • 1Posts
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    Abi5656
    Bankruptcy question
    • #1
    • 14th Jun 19, 8:01 PM
    Bankruptcy question 14th Jun 19 at 8:01 PM
    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.
Page 1
    • MovingForwards
    • By MovingForwards 14th Jun 19, 9:35 PM
    • 2,297 Posts
    • 2,728 Thanks
    MovingForwards
    • #2
    • 14th Jun 19, 9:35 PM
    • #2
    • 14th Jun 19, 9:35 PM
    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
    • By MovingForwards 14th Jun 19, 9:37 PM
    • 2,297 Posts
    • 2,728 Thanks
    MovingForwards
    • #3
    • 14th Jun 19, 9:37 PM
    • #3
    • 14th Jun 19, 9:37 PM
    Forgot to say if he is working in a financial/utilities/law etc job bankruptcy will be an issue with his job.
    • MEM62
    • By MEM62 17th Jun 19, 9:47 AM
    • 2,898 Posts
    • 2,570 Thanks
    MEM62
    • #4
    • 17th Jun 19, 9:47 AM
    • #4
    • 17th Jun 19, 9:47 AM
    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.
    Originally posted by Abi5656
    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.
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