I went BR in Feb I told the Official Receiver that I did not want my flat anymore. I was renting it out at the time but did not get Northen Rock ok to do this.
The reciver now collecting the rent for this flat not sure when Northen Rock will want it back.
I heard that Northern Rock can still come after you for the shortfull when the fla=t sold. How do I make sure this dose not haperen.
I had the agreed amount though for the income payment order is this the end now and just pay the amount for 3 years or will the receiver come back to me with more questerns.
Northern Rock cannot come after you for the shortfall unless you have signed, or at any time in the future sign, a deed of acknowledgement. NR are known to send this form out when bankruptcy looms.
Whatever happens do not sign this document and the shortfall will then be included. The fact that you have let the property on a residential mortgage does not alter anything.
Once your IPA amount is set up it lasts for 36 months. If at anytime during that period your disposable income changes (your expenditure or income changes) you have a legal duty to inform the OR and have your IPA payments revised.
I went BR in Feb
Posted - 09 April 2009 : 21:44:49
