BR and the Devil Deed

copier_guy

Hi,

I know that this has probably been asked before but just wanted anyones experience or info.

As some of you know we live in a rented house while we wait for our old house to be repossed. I did ask for Vol repo but the forms they sent out may be the devil deed thing.

I am trying to avoid paying c/tax on two houses as you only get 6 months free c/tax in stoke on a empty house so i called the Insolvency Helpline this morning.

The Stated , twice, that if i sign the forms for vol reposession and send them back i will NOT be liable for any shortfall as long as they have been signed BEFORE any bankruptcy.

If i sign them after BR then its a different story

What do you reckon?

DON79

Hmmm! I am not so sure really - can you ask the OR to confirm this in writing?? I would personally just err on the side of caution and forget to post them or perhaps they just got lost in the post! :whistle:

Hope you are enjoying living in your new home? Have the family all settled in well?

Donna

mr_&_mrs_2

This is something i will be watching closely ... but as i see it....the shortfall becomes a debt ... then you file for BR...it then becomes part of your whole debt???

Is this correct???

We will be in this position soon... moving tomorrow ...

copier_guy

Hi Don,

All settled in thanks, working my backside of with overtime at the mo saving up the £1000 for BR (2 of us).

In fact im doing so much overtime im worried the OR might see this as permanent (which it isnt)

Might call the insolvency Helpline again on monday to see if i get the same answer and if it is possible i can get it in writing

DON79

glad that you have all settled in, don't work too hard! and re the overtime, you have a good reason to tell the OR as to why you have so much overtime - it was to save the fees for BR but that you cant continue doing so much overtime because it won't be good for your health and I am sure you miss seeing your family when you are working so much.

It's worth a try to see if they will confirm that by a letter to you. Have you got a date set yet?

Lensman_2

Hi CG. Good to see you back.

I just posted in Veersix's thread. He is pondering on the same thing. I have read a lot about this and I can say:

1. The risk of signing one before BR has yet to be properly defined on this board.
2. You are poster number 2 or 3 that I have seen who has received advice from a debt charity or an OR that it is OK to sign pre BR.
3. More posters than that have been advised to seek legal advice.
4. The consequences of the wrong thing happening would be huge.
5. That the risk of signing one post BR has been defined. It is that a new debt is created which is then not covered by BR. This has happened to one poster recently.

I didn't sign one and I advised Veersix not to sign because the risk and reward are very small against huge consequences.

copier_guy

Hey Jim,

Good to see you mate.

Just got in from a four hour drive from London!!!

nervousmother

If you sign a deed to say you are liable before going BR then that debt goes into BR. The BR wipes out all unsecured debts.
If you sign it after BR then you could be liable *but* Of course a second BR would be an option if it was the case that you were liable.
I had this question answered by a OR months before we went BR. Basically whatever you do before BR is wiped out

veersix

nervousmother wrote: »

If you sign a deed to say you are liable before going BR then that debt goes into BR. The BR wipes out all unsecured debts.
If you sign it after BR then you could be liable *but* Of course a second BR would be an option if it was the case that you were liable.
I had this question answered by a OR months before we went BR. Basically whatever you do before BR is wiped out

So did you sign the deed before you went BR and was your shortfall rolled up into your BR?