Devastated ! - Deed of Acknowledgement Error - Help!

Richard_S

Hi Colmac,

Every other post of mine, on average, must say "never sign a deed of acknowledgement" but I realise that's not helpful to you in the least.

The one saving grace is that when, or if, it comes to legal action and the circumstances surrounding that deed being signed are brought to light, then it can't actually be enforced. It's a mega pain in the ar5e to arrive at that point, which is why it's so much better never to sign it, but ultimately its not worth the paper its signed on.

Best regards

Richard

colmac71

HI Richard
Really ? So what would be your suggestion to move forward from here for me?
Thanks

blind-as-a-bat_2

colmac71 wrote: »

HI Richard
Really ? So what would be your suggestion to move forward from here for me?
Thanks

The thing with debt is that it is a civil matter, so if it ever gets to court it is heard as such, and in legal cases in a civil court fact is not always relavent, its a ballence of probebilaty of what is the fact.

now that may sound the same but they are worlds apart, and to some degree would depend on the judges mood or moral standing if it ever came to a hearing.

The fact remains that such an agreement puts all your other creditors at a disadvantage, as without you signing that agreemant NR would have had no more rights than any other un-secured loan.

Yet by getting you to sign a bit of paper they are attempting to circumvent the insolvancey regulations, something your other creditors could not do, so why should NR be able too?

I hope it wont get as far as a legal hearing, but if it should, you need to bear that in mind.

Richard_S

colmac71 wrote: »

HI Richard
Really ? So what would be your suggestion to move forward from here for me?
Thanks

Hi Colmac,

You have to ask yourself the question "when would NR ever seek to enforce that deed against me"?

The only circumstances that they might are:

• a large lottery win
• a bequeathment
• an attachment of earnings after your IPA finishes

And the only way they could do that would be by taking legal action against you; the chances of that depend on:

• you ever winning the lottery (14 million to 1 or 75 milion to 1 for the Euromillions)
• you ever being bequeathed a significant sum (only you know those odds)
• NR monitoring the completion of your IPA (I think they've probably got more pressing concerns)

If I was in your position I'd move forward on the basis that NR have possibly got some "shaky" security that may or may not stand up in Court, and in the event that I was likely to receive significant sums of money I'd take extra precautions to safeguard that money.

I haven't got a "Deed of Acknowledgement" hanging over me, but our ex business bankers are trying to enforce dubious security against us, and to be honest, they haven't really got a cat in hells chance.

In the unlikely event that they do, I'll declare bankruptcy again.:eek::eek:

I wish I could offer a cast iron guarantee of an outcome x or y, but that's not the nature of the beast. The truth is that you have very little to worry about, except worry itself, and the best you can do is just forget about it and move on.

I'm always on the look out for how these Deeds of Acknowledgement are resolved but in almost three years since we were declared bankrupt I've never seen one enforced in Court.

Best regards

Richard

colmac71

Thank you Richard
I really appreciate the time in you (and everyone else) responding
I take your advice with a positive mind
I will keep you all updated - but hopefully I won't have anything to report
Regards