www.iva.co.uk

Hi don't know if you can help me with query. Both my husband and myself have been in our iva since march 2009. Our adult son is still living with us and is currently trying to obtain finance to replace his very old and worn out car. When he is credit checked will our situation reflect on his credit file so making it impossible for him to obtain a loan? He has up to now no debt of his own.Would also like to say first xmas on our iva not been too bad. Have bought presents through the year and no nasty large credit card bills popping through the door this January. Have stuck to our budget and found it quite a challenge but enjoyed it.

Hi Atbav,

Glad your IVA is going ok.

Rest assured that your son's credit record will not be affected. My daughter has a credit card, and a car loan and has opened a new bank account without any problem and she still lives with us.

If there are no joint debts, then there won't be a problem. It is on the person and not the address.

Hi thanks for your replies.Son seems to be having trouble getting credit but has been told if we acted as guarantor it would help as he has no credit history ! I take it we would'nt be allowed to do that with us being in ivas.

That would be subjecting yourselves to credit, but if you can convince your IP that your son would not let you down it may be possible to get permission for this - but you do run the risk of being creditchecked as a result.

I doubt you would be able to act as guarantor.

My daughter lives with us and has had no problems at all getting credit and we have had nothing to do with any of her applications.