Hello. Good evening. I am currently in an IVA whilst living with my parents. Their mortgage was paid off about 10 years ago. The debt I have within the IVA is unsecured. I have no financial links as regards to their house nor joint credit dealings with them. I only pay a monthly rent to them for my keep.
Yet the issue here is that my parents would like some equity release for home improvements/ personal finance to help with retirement. Now my father seems to think that because I live at the same address under an IVA , he will be blacklisted i.e. unable to obtain the equity release/ other credit etc. Would you advise and explain if this so please ?
Thankyou. p.s. the equity release is NOT also to help with my IVA.
It is very unlikely that you would affect your parents' credit rating, and if you did you could file Notices of Disassociation with the credit referencing agencies to clear the matter up.
