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I live with my son,If I go BR will it affect his credit rating

Hi allen

It should not affect your son's credit rating, but occasionally the credit scoring agencies link associations with family members of the same name living at the same address. This is easily resolved by your son filing a notice of disacossiation with the respective credit scoring agencies.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

As Melanie says, you are able to de-link yourself from your son so your credit rating does not affect his.

The only exception to this is if you have a joint account with your son for any credit - if so you cannot separate yourself as you are formally "linked" and no notice would sever this. They only work if there are NO joint credit agreements.

I believe if I go BR then I stop all payments to my creditors immediatley.What happens if I choose the IVA road.
Ray

You should either stop the payments completely, or work out a pro-rota sum (based upon the level of each individual sum) which you can afford to pay monthly and send these to the creditors - explaining that you are about to make them an offer of settlement via an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Allen,

As Melanie has stated you can offer token payments to your creditors, even though this is not the full monthly payment mostly creditors would be happy to receive it.

What is your estimated amount of debt? Have you spoken to any debt solution companies about the IVA route?

Best Regards. IVA Experts