Hello,
Yes, you can apply for an IVA. It makes no difference whether you are a tenant or homeowner or if you are still living with your parents.
Unpaid debts can affect your credit rating whichever legal process is used to deal with them. However, when an IVA is successfully concluded, the fact will appear on your credit record and may look favourable to any future credit providers.
Your parents' credit rating should not be affected from your IVA however if it did, they can apply to the credit agencies to be disassociated from your debts.
Kindest regards,
Julia
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www.supersonicsquirrel.net