can you advise of new deed of variation have been asked to sign

nwest_girl

my 2 yr discount has expired and my building society have sent me choice of new products to move to. Enclosed is a deed of variation to sign asking me to sign to accept new terms and conditions. I am going brupt in few weeks, mortgage not included that will be ok. But one of debts is personal loan with bank, new conditions in booklet list reasons for mortgage to become immediately payable, one of which states "someone presents a bankrupcy petition against you" another "you enter into voluntary arrangement or a deed of arrangement". If I petition for bankrupcy will bank call in mortgage, please advise what should do.

silvercar

Be aware that a lot of banks put into the conditions for any other lending that they make available that the security taken for the mortgage can be used as security for other debts. In other words, if you do go bankrupt, they will use the house security they hold as security for the personal loan.

nwest_girl

hi, bank have sent list of products to switch to now discount period has finished, about to declare bankrupcy, have one charging order from a creditor, one of my debts is pers loan with same bank, unsecured, but with ccj, not yet been changed to charging order. In the forms bank have sent to switch product, is one new deed of variation to be signed, one chapter states "when money you owe us becomes immediately repayable" a) someone presents a bankruptcy petition against you. b) you enter a voluntary arrangement or a deed of arrangement. amongst other conditions. Mortgage will not be included in bankruptcy not missed any payments. Should i not take up offer and stay how i am, even though rate is not discounted, can they call in mortgage even if i am not in arrears if i sign these new conditions. Please tell me what i should do. bank do not know of imminent bankrupcy.

nwest_girl

sorry did not mean to add this to existing thread, meant to repost.

silvercar

better off adding to existing thread then people can comment on comments.

One option would be to phone your lender and ask their policy without giving your name. Just tell them you are asking for advice on a "no name basis".