Will my IVA affect the people I live with?
An IVA only has an adverse impact on the credit rating of the person in the IVA.
So, If you are worried that your IVA will affect the people you live with, then you can relax.
Your IVA will have no impact on the credit rating of anyone living with you, so long as you keep your finances separate.
When you enter an IVA, your details are added to the IVA register, which is a public record containing details of all current insolvency cases in England, Wales and Northern Ireland.
One of the details that will be recorded on the register will be your address.
Fortunately, the individual records that are held on the Insolvency Register are not indexed by internet search engines, such as Google or Bing, so personal information relating to your IVA won't show up on the search engine results.
Furthermore, Credit Reference Agencies no longer associate the credit ratings of people living at a shared address.
Beware of financial associations
Historically, having a shared address did create an 'association' between co-habitants but, fortunately, since a change to the law in November 2005, this is no longer the case.
It's only when a direct financial association exists between two people, for example, when they hold a joint bank account together that problems can occur.
When there is a financial association between two people, where one is in an IVA, the person with the good credit rating will find themselves being adversely impacted by bad credit rating of the person in the iVA.
It's for this reason that we advise our clients to refrain from entering into a financial association with anyone for the full duration of their IVA.
Getting IVA Help
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