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| T O P I C R E V I E W |
| Delboy |
Posted - 17 October 2008 : 19:55:57
Hi Everyone,
I and my wife are both BR, and are Voluntarily surrendering our house back to the Northern Rock in a couple of weeks, we also have a secured loan on the property, with Paragon Personal Finance, we have had a letter from them today saying that even although we are giving up our house, we will still be liable for the debt owing on the secured loan, they know we are both BR. Can anyone shed any light on whether we will still be liable for this debt?
Regards
Delboy |
| 6 L A T E S T R E P L I E S (Newest First) |
| sleeplessnights |
Posted - 18 October 2008 : 07:34:25
Delboy, we went BR on Oct 6th.
We had a 2nd mortgage with Picture(secured obviously).
On advice from this forum we placed the 1st Mortgage and the 2nd Mortgate in both the Secured and Unsecured parts on our SOA. We also wrote 'Possible Shortfall'.
When we went to see the judge he immediately inquired if this was correct - we obviously stated yes.
We then rang Northern Rock and they advised us of the VSA (dont forget its only valid for 7 days from point of receipt)
We then rang Picture and advised them, of our intentions.
They immediately 'backed off' and all letters / phone calls ceased.
I would try and speak with your OR ASAP.
take it easy
Matt
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| Needafriend |
Posted - 17 October 2008 : 20:37:53
You are most welcome :-)
Leave it with me
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Delboy |
Posted - 17 October 2008 : 20:30:51
Hi Needafriend,
You are a Star, thanks for your help.
Regards
Delboy |
| Needafriend |
Posted - 17 October 2008 : 20:28:20
Hi Delboy
I will need to check up on something as i was uner the impression that to be on the safe side the debt should have been included on the secured and unsecured bit.
Bare with me and i will make enquiries, it may also be worth your while calling your OR and see if it can be included as your still BR and so it should be covered but i will try and find out and if i have not got back to you give your OR a call.
I will try to be as quick as i can. :-)
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Delboy |
Posted - 17 October 2008 : 20:21:49
Hi Needafriend,
Mortgage and Secured loan were included in the secured loan section of the SoA, couldn't include them in unsecured section as at the time they were/are secured on our property. However as they are on the form, we were under the impression that at the point we handed the house back, any debts left would then revert to being unsecured and then covered and become part of the BR estate.
Regards
Delboy |
| Needafriend |
Posted - 17 October 2008 : 20:14:42
Hi Delboy
Did you include the house and secured loan on the SoA in the unsecured section when you went BR.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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