Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By garrywall
#6669 I've recently entered inti an IVA. My 19 yr old son wishes to apply for a loan soon to purchase his first car upon passing his test. Will his credit rating be affected by the IVA given that he resides at my address? Basically, will the iva prevent him getting a loan?
ByDavidc
#6671
garrywall wrote:I've recently entered inti an IVA. My 19 yr old son wishes to apply for a loan soon to purchase his first car upon passing his test. Will his credit rating be affected by the IVA given that he resides at my address? Basically, will the iva prevent him getting a loan?


The only circumstances where you would be financially linked with anyone would be if you had a joint bank account/joint loan agreement.
So the decision will be based solely on his credit score, and only on his credit score.
David
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By JaneClack
#6679 But do appreciate his creditworthiness will not be extra high - he is young and will not have been working long. However if he has a bank account and a credit card he has always paid on time there should be no problem - just avoid some of those HP companies that have been mentioned on here ....
By garrywall
#6683 He's had a bank account since he was 16 and he's had no credit cards. He's applying for the loan through his employees(Tescos,whose banking facilities are owned by Royal Bank of Scotland) where he's worked for three years.
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By JaneClack
#6695 so there should be no problem - unless of course they ask for a guarantor which you could not do :wink: