Inheritance Advance

WHY WAIT
FOR YOUR
INHERITANCE?

If you are the Beneficiary of an estate it can take up to 12 months before you have access to your inheritance. For estates that include multiple properties, shares or complex financial arrangements this can be even longer.

If you’d rather not wait, we have the solution. Perhaps you want a deposit for a new home, to buy a new car, go on holiday, pay school fees or help with day-to-day expenses? Regardless of the purpose, our Inheritance Advance means you can access up to 60% of your inheritance within a few days in just four easy steps.

The Advance is available pre and post grant of Probate / Letters of Administration and regardless of whether there is a valid Will or not.

Applications are assessed solely on the basis of your future inheritance, not on your personal circumstances or credit rating. Even better, there is no risk to you. No personal guarantees or charges over your property are required. If it turns out that your inheritance is less than expected you will not be required to pay the shortfall should there be one

The Advance is normally re-paid in full when your inheritance is received. There are no monthly repayments and no early repayment fees.

Fees

The Arrangement Fee (which is simply added to the loan) is 1.5% of the loan amount, plus 1.5% interest per month for as long as the Advance is outstanding.)

Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example below, this would result in a saving of £708 compared to all other providers with the same rates that do charge compound interest.

Representative Example

An advance of £50,000 will incur an Arrangement Fee of 1.5% (£750). Interest is calculated on the advance and the fee. Interest accrues daily, based on an annual rate of 18.2% (fixed). Assuming the Estate takes 12 months to liquidate, you would owe £9,220 in interest plus £50,750 in capital and fees, resulting in a total balance owed of £59,970 and a representative 19.9% APR

To apply or for more information contact us on

[email protected] or call 0203 813 6400

Process

An Inheritance Advance is available pre and post Grant of Probate or Letters of Administration.

01

To apply, complete a short online form or call us on 0203 813 6400. We aim to pre-approve eligible applications within 48 hours.

02

Applicant and Administrator receive a document checklist including:

  • Copy of Death Certificate
  • Copy of Will (if applicable)
  • Copy of Grant of Probate/Letters of Administration (if applicable)
  • Confirmation of the assets and liabilities within the estate
  • Proof of ID, address and bank details

03

Provira’s underwriters assess the application. Successful applications receive a formal email offer.

04

Loan documents are issued and signed (normally electronically). Funds are released

05

When the estate is settled the loan is repaid to us, normally by the Estate Administrator or the professional firm responsible for the sale of a property within the estate

FAQs

Traditionally, personal loans require the borrower to sign a personal guarantee or to provide security to the lender over their assets, such as property. In the event that the borrower defaults, the lender can then take possession of personal assets and sell them to recover what they are owed. Inheritance Advance is different. The product was designed to underwrite Estates, not borrowers, so you won’t be asked for any form of personal security. The lender’s claim is against the assets of the Estate and in the event those assets sell for less than they are owed, that’s their loss. There are no monthly payments and no early repayment fees.

An Inheritance Advance is available pre and post Grant of Probate or Letters of Administration

It’s entirely up to you! The Advance can be used for any purpose

That doesn’t matter, because underwriting is focused on the Estate (and its assets/liabilities) rather than your personal credit rating. The application process therefore ensures that there’s a clear link between applicants (i.e. Beneficiaries) and the Estate, as well as establishing the estimated value of eligible assets within the Estate, to advance funds against.

No. The decision will be based on the assessment of the Estate. Therefore, your employment information is not relevant.

That’s OK and is not your risk, it’s the lender’s. This is why the lender ensures that it understands the Estate as part of its underwriting process. But if the lender gets it’s assessment wrong, they bear any associated loss.

The lender will estimate the value of the Estate’s eligible assets less any liabilities owed, such as the Administrator’s fees, mortgages over property within the Estate, etc. This gives the Estate’s estimated net eligible asset value.

Eligible assets are typically (UK domiciled) cash, as well as publicly quoted investments and properties that are to be sold. The lender may consider other assets by exception. You will then be offered up to 60% of your portion of the Estate’s net eligible assets. You may, of course, take less.

The Arrangement Fee is typically 1.5% of the loan amount and is added to the loan. The interest rate is 1.5% per month.

Unlike other providers we only charge simple interest, not compound interest. That means you are not paying interest on the interest. Combined with the fee structure detailed above it makes our Inheritance Advance the best value available.

That’s absolutely fine. The lender only underwrites your share of the Estate and has no legal rights over the inheritances of other beneficiaries. There is also no restriction to more than one Beneficiary of an Estate applying for an Advance.

That’s OK. Estates are administered according to clearly defined rules (the Rules of Intestacy) where no Will exists.

We do need a professional Estate Administrator to confirm the assets and liabilities in the Estate. This would typically be the firm that is assisting with obtaining Probate / Letters of Administration.

We also require a professional firm to be responsible for the distribution of the asset(s) that will enable the Advance to be repaid. Where this involves the sale of a property, it would normally be the conveyancing solicitor.

It is fine if this is one firm or two separate firms.

You will have 14 days to cancel your Advance from the date you enter into the loan agreement. Should you elect to do so, within 30 days after cancelling, you will need to repay the amount of the Advance together with accrued interest, at the interest rate set out in your loan agreement, from the date the Advance was provided until the date of repayment.

The loan is repaid when your inheritance is available to be distributed. There are no early repayment fees.

Provira is a credit broker and manages and assists customers with the application process for Inheritance Advance from Funeral Safe Ltd as lender and provides Inheritance Advance funds to customers. As well as entering into the loan documents, customers will grant the lender the ability to receive the inheritance on the customer’s behalf, in order to deduct any payments due to them for the Inheritance Advance they granted to the customer.

Provira’s founding team and investors are experienced financial professionals, having successfully launched and invested in many innovative specialty finance businesses.We are passionate about building disruptive businesses that focus on benefiting the consumer. We’ve worked for and with some of the largest and most reputable financial institutions globally.

I still have questions, what should I do?

That’s OK, we’re here to help however we can.

For example, we can help with questions about our application process or our credit broking activities. Email us anytime on [email protected] or call us on weekdays (excluding bank holidays) between 9am to 6pm on 0203 813 6400. If for whatever reason we can’t take your call, we will get back to you as soon as possible.

If you have specific questions on your loan documents, your Inheritance Advance, or the activities of the lender, please contact a Funeral Safe representative on

0203 813 6402 or email [email protected]