Need advice about shortfall on mortgage- debt collectors

Hi Sarah

Fair enough. I didn't have access to a lump sum myself and even if I did it would be akin to signing a Faustian Pact as our relatives aren't the types to give something without extracting their pound of flesh in other ways.

The only issue I'd have is that the future inheritance could fall into their hands if the repayment period takes too many years. The shorter the repayment period the better.

Good luck
 
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You are right and it's something I am very aware of and don't want my son losing out either.

Re far future inheritance, it's a property.
 
Sarah76 said:
Hi epicaricacy, thank you for your advice. That is not an avenue for consideration re inheritance.
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Worth noting that disbursing inheritances (in part or full, in one go or tranches) while the benefactor is alive can be much more tax efficient than leaving it in a will.
 
Hi Sarah

We considered future inheritances - due to the age profile of my parents - when we decided on petitioning for UK bankruptcy. Hopefully my progenitors will last another decade or more, but one can never be sure.

If you believe that your inheritance is in the 'far future' then it's not too much of a concern. However, the way the 5 year DSAs operate involves the bank maintaining the right to come after your inheritance if it happens within the 5 year period - therefore, it's better that it's initiated (and finished) as soon as possible. It would be soul destroying to have to hand it over.
 
I'm sorry to hear what happened to you. I hope things are all settled now for you.

Too true it would be soul destroying.

I've contacted two practioners so see what happens. Thanks again
 
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