What happens if i inherit house?

LisaMarieMMA

I’m confused. If someone puts a house in my name after the 12 months do i still have to inform the the creditors? I read someone else said that their DRO ended in May last year and their grandfather passed away in October, he left them 15K and someone responded with Yes you do have to tell them. And another forum says it’s about 6 years where you have to wait till you can get anything like that. I thought after 12 months you can start fresh?

fatbelly

LisaMarieMMA wrote: »

I’m confused. If someone puts a house in my name after the 12 months do i still have to inform the the creditors? I read someone else said that their DRO ended in May last year and their grandfather passed away in October, he left them 15K and someone responded with Yes you do have to tell them. And another forum says it’s about 6 years where you have to wait till you can get anything like that. I thought after 12 months you can start fresh?

You are correct. After the 12 month moratorium you are discharged from your debts and have a clean slate.

I can't comment on those other threads because I don't know what you read. The only problem would be if you actually acquired an asset in the moratorium but deliberately held back the 'paperwork' until the DRO completed - then they might look at revoking retrospectively.

sourcrates

Your liability ends on the last day of your 12 month monotorium period, and you are then discharged from liability for those debts, and freed from all of the restrictions of your DRO.


The DRO will continue to show on your credit file for a further 5 years however, which is sometimes where people get a little confused.


They also mix up DRO with IVA, and sometimes bankrupcy rules get thrown into the mix as well, thats the price you pay for using an open public forum where anyone can make a comment, no matter how ill informed they may be.