When an investor passes away, we will stop all access to the account once notified. Once we have received a certified copy of the death certificate, we will then stop any more funds being lent out to businesses. We will continue to collect and recover payments from all outstanding borrowers.
In order for us to then begin the process of liquidating the account and returning funds to the executor, we will require:
- A certified copy of the death certificate (if not already received)
- A certified copy of the page of the will listing the executor OR the Grant of Probate
- A certified copy of a form of Photo ID of the executor (passport or driving licence)
- A covering letter with a contact email address for the executor
- A bank statement with the name of the executor and the nominated bank account details of where funds are to be credited to.
Once received, we will attempt to sell any available loan parts held in the account and transfer funds to the executor, or any beneficiary(ies) nominated in the investor’s will, subject to demand from other investors.
The beneficiary(ies) should be aware that the funds will be liable for tax and they should consult HMRC.