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  • FIRST POST
    • LisaMarieMMA
    • By LisaMarieMMA 1st May 19, 11:17 PM
    • 13Posts
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    LisaMarieMMA
    What happens if i inherit house?
    • #1
    • 1st May 19, 11:17 PM
    What happens if i inherit house? 1st May 19 at 11:17 PM
    Iím 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 itís about 6 years where you have to wait till you can get anything like that. I thought after 12 months you can start fresh?
Page 1
    • fatbelly
    • By fatbelly 2nd May 19, 6:36 AM
    • 14,219 Posts
    • 11,238 Thanks
    fatbelly
    • #2
    • 2nd May 19, 6:36 AM
    • #2
    • 2nd May 19, 6:36 AM
    Iím 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 itís about 6 years where you have to wait till you can get anything like that. I thought after 12 months you can start fresh?
    Originally posted by LisaMarieMMA
    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
    • By sourcrates 2nd May 19, 4:52 PM
    • 18,466 Posts
    • 17,363 Thanks
    sourcrates
    • #3
    • 2nd May 19, 4:52 PM
    • #3
    • 2nd May 19, 4:52 PM
    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.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
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