Northern Rock Voluntary Repossession Letter

veersix

Looks like this a very grey area, this is nervousmother's post in a very similar thread to this:

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

Lensman_2

veersix wrote: »

Looks like this a very grey area, this is nervousmother's post in a very similar thread to this:

Like I said in both posts, there is a risk vs reward decision here.

The risk is very small that the "Devil's Deed" actually amounts to anything pre BR. But the consequence is massive if a lender can make a shortfall survive BR.

The reward is that you get closure on your shortfall a month, maybe two early.

For me the risk is too big for the reward.

mike1966_2

what you got to remember is a debt is a debt, and if you go BR, all debts are wiped out, one would think. so, by signing this deed are you leaving yourself open for them to chase you for the shortfall after you've gone BR.

Don't forget these forms and rules, are purely for the establishment to get their money back, it's not for your benefit, so i would say DO NOT SIGN IT

mike