Debt relief order and possible inheritance

[wiseajak]

Hello people

Was looking for some helpful advice on this please:

 

So i have a debt relief order that was granted to me on 12 december 2012 and due to discharge from this on 11 december 2013.

 

The plot thickens,.....

 

I sadly lost my grandad in july and have just been made aware that i could possiblh inherit about £3k.

 

Now i say possibly because im not entirely sure if i will, the details are abit long winded so i wont go into that but if i was to inherit this money where do i stand in regards to thr DRO

Obviously i would have to inform the OR my debts on my DRO total approx £1500 which is half of whag id be getting.

 

 

Would i be able to pay my creditors and keep the remaining balance? If i do inherit this i fully intend on paying my debts owed, but if be angry if they take every penny especailly as it couldnt of come at a better time.

 

Any help and advice would be greatly appreciated

 

Thank you

 

 

Regards

 

Alison

[sir_gilmour]

wiseajak welcome to The Consumer Action Group community.

 

You haven't received any replies to your problem yet so you might be better off posting your story again directly in the sub-forum which deals with your kind of situation. You will get lots of support there.

 

Also, spend some time looking round the forum. Once you understand the layout, you will be able to get best use from this Consumer Community. It is a big forumm and may take some time. But it will be worth doing.

Good luck.

[wiseajak]

How do i do that?

[honeybee13]

Hello there.

 

I'll move this to the debt forums for you and hope the guys there will be able to help you.

 

My best, HB

[wiseajak]

Thank you honey bee and sir gilmour

[sequenci]

Hello there.

 

An inheritence is an asset, and since it's over the £300 limit it's likely to be a big issue with a DRO as there is the likelihood that it would revoke the DRO. There is no obligation to give the money to the Insolvency Service so you could use it to clear the debts - perhaps by offering a lesser amount to each creditor in full & final settlement.

 

Do you know when you'll get the money?

[wiseajak]

Hello

Thank you for you reply.

 

Im not worried about it being revoked as infully intend on clearing my debts, i dont think i will be likely to receieve any money for at least another month maybe 2 as it has gone to probate for 4 weeks, and i dont know how soon after i would recieve it as i dont know how long something like this takes to process.

 

I was just worried that i would have to hand over every penny of it to the insolvency service, as im more than happy to pay directly myself

[sequenci]

In a bankruptcy you would, but DROs are different. It'll just revoke the DRO - but only if they find out, but remember you are under an obligation to inform the DRO Unit of any changes to your circumstances....

[wiseajak]

Hi, thank you.

 

Yes that was what i was unsure of as everything i searched on google just led me to full bankruptcy.

 

Im an honest person so i would definatly be informing them.

 

Also if you know, im 24 weeks pregnant and when im 29 weeks i can claim a sure start maternity grant and was wondering if that would effect my DRO, its a £500 one off payment to help with geting things for baby which im going to need.

 

I dont think it would as its not a permanent income increase in income, but iv phoned CAB and awaiting them to get back to me.

 

My DRO says that i cannot obtain credit exceeding £500 so i hope i might just scrape it, does this sound right to you or would it effect it.

 

" you must not obtain credit of £500 or more either alone or with another from anyone without first informing them that you are subject to a Debt relief Order."

"The debtor is guity of an offence if either or jointly obtains credit to the extent of the specified amount-

Specified amount is is £500 at date of this notice and may be varied by statutory rule"

 

 

Thats what it says word for word on my copy

Edited September 9, 2013 by wiseajak

[Stressedandfedup]

The maternity grant is just that- a grant. It's not credit therefore not applicable.

[mikeymack2002]

I would just sit tight and wait for PROBATE to conclude, it takes time and you may find the "money" turns up after the DRO is finished, You do not have to notify the receiver until the money is in your hands, so until then the "money" is not yours yet as it's still in limbo so to speak, only once you have the money in your hands so t speak do you notify the receiver, as then you have ASSESTS.

 

MM

[wiseajak]

Hello sorry for long delay in replying. I ended up going into early labour but had a beautiful baby boy called him Harry

 

So if this money comes after the moratorium period has ended, as its called, do i still have to notify the official receiver? My 12 months ends tomorrow.

[sequenci]

Hello there, and congratulations!

 

As far as I understand it, the fact that you knew that you were due an inheritance during the moratorium period places you on a duty to inform the Insolvency Service as the inheritance could be regarded as a 'contingent asset', and it could still revoke the DRO.

[wiseajak]

I dont know if I'm getting anything, see above!

 

 

He was my step grandad and was told when he died that if i was left anything that they would inform me, since then his house has been sold and probate gave his executor ( spelling) the go ahead a few months ago as the house sale was due to be split between his kids and grand kids but I'm not technically family although was viewed as. Its s complex Situation.

 

Still no word and the moratorium ends tomorrow.

 

So was just asking if by chance ( however i doubt it now) i get told in getting money that id have to tell them after it ends, or not. I had no knowledge until september about this, and i had no idea of possible monies when i made my application.

Edited December 11, 2013 by wiseajak

[wiseajak]

3k was given as a rough figure as the grandchildren were getting a percentage and i would get half of that if that makes sence