This is because an IVA is recorded in your credit file and, as a result, negatively impacts your credit rating. If your potential landlord performs a credit check on you before approving you for the rented property, then mentioning the IVA in your credit record may make them apprehensive about approving your application. Source.. An individual voluntary arrangement (IVA) is a legally binding agreement. It helps you pay off your debts at an affordable rate. It is a form of insolvency. IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. In Scotland, a protected trust deed is a similar solution. This has different benefits, risks and fees.
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An IVA is a legally binding agreement set up between you and your creditors for you to repay an amount you can afford over a fixed period of time; usually around five years. It allows any unsecured debts to be written off at the end of the IVA. Key points:. Your IVA will have no affect on your partner’s rented property. It makes no difference whether the tenancy agreement is in your partner’s name or in joint names with you. Your landlord is not told about your IVA. This means they will not find out unless you tell them. As long as you and your partner maintain your rent payments, you should.
