www.iva.co.uk

i live with my parents and they know nothing of my decision to go bankrupt is it possible they dont have to find out? and how do i avoid them being blacklisted? thanks tim.

Hi,

They will not find out unless you choose to tell them, which maybe you could do as I am sure they will support you.

Only you will be blacklisted and not them

If they wish, they can apply to the credit reference agencies for a notice of dis-association so it can be seen that they are not financially linked to you.

Regards.

Hi and welcome.

If they read the notices in the local papers then it is possible that they might find out, as all bankruptcies are published in them.

Your parents will know if they start to apply for credit and then getting possible declines. Why hide it,come clean now and tell them after all have had a few glasses of strong sherry. Besides the Banks and country is in debt of some sort.

If they found out later would that make it easier for everyone??

Although I don't live with my parents, I know exactly where Tim is coming from. Mine haven't got a clue and I have no intention of telling them.

My daughter still lives at home with us, we are both in an IVA and she has had no problem with credit whatsoever.

I'd cross the bridge of telling them as and when the situation arose.

When I went into my IVA and then BR I had debts at my mum's and partner's addresses. I wasn't financially linked to either of them and neither of them had problems getting credit.

I can understand why Tim doesn't want to tell his parents - telling my mum was one of the hardest things I've ever done. She was very supportive, but I'm not sure if I could have done it if my dad had still been alive as he would have worried too much.

There is no point in putting your parents under worry and strain unecessarily - and this will only affect them if they find out via the local papers, or are refused for credit anywhere.

Our parents are of a different generation, where bankruptcy was probably a bad place to be, and people were ostracised socially if they had debts they were unable to pay. Thankfully those days are long gone, but bankruptcy brings back bad memories for older people so personally I would not tell them unless you have to.