Hi sorry in advance at legnth of this but this is the wording of the vol repo form, can we sign it then go bankrupt including the shortfall aterwards ? Thanks in advance
STATEMENT OF VOLUNTARY SURRENDER
OUR REF - EVCS/LIT
1. I/We hereby surrender possession of my/our property known as to Lloyds TSB Group plc.
2. I/We hereby authorise Lloyds TSB Group plcto manage the property in such a manner as it sees fit and to take such steps as it may deem necessary to effect the sale of the property, and after sale, to apply the proceeds of sale (after deduction of expenses) towards the sum owing to Lloyds TSB Group plc.
3. I/We understand that the mortgage conditions remain in full force and effect.
4. I/we also understand that the surrender of possession of the property does not operate as a discharge of my/our liabilities under the terms of the mortgage.
5. I/We further understand that this surrender does not limit in any way Lloyds TSB Groups powers which are fully set out in the mortgage conditions.
6. I/We confirm that all personal belongings, chattels and furniture have been removed from the property.
7. My/Our forwarding address for future correspondence will be:
8. My/Our telephone/contact number(s) is/are:
9. Should either my/our telephone number or address change I/We will notify you immediately.
10. Once possession takes place I am providing you with 28 days notice that Lloyds TSB Group plc will register a default in your name with the credit reference agencies and the Council of Mortgage Lenders Possession Register. This information could affect credit decisions other organisations make when assessing applications from you and other members of your household.
dont sign it as on some of these forms the small print says they can still chase you for the arrears even if you go BR
when you are ready and have cleared all of your belongings send the keys back to them recorded delivery with a letter or alternatly stay put until they get legal possession through the courts, thwen turn up at court and give them the keys
make certain you keep a record of what you do or they will chase you forever and claim they have not received anything.
It is fine to sign a voluntary repossession form before the bankruptcy order as they cannot make you pay after the bankruptcy order regardless of what it says, it would never sign stand up in court. The thing you must not do is sign after the bankruptcy order as this creates a new liabilty which would not be covered by the bankruptcy order as it started after.
If you want to be on the ultra safe side then dont sign anything
Thank you for your replies. We want the house to go ASAP - what should we do? how long will it take them to repossess it by just not paying? we haven't paid for two months - what is the point when they start to threaten us with repossession?
Vol Repo before BR can we sign this? Please help
Posted - 06 April 2010 : 10:54:52
