Voluntarily Surrendered my Flat...C&G Want Me To Complete and Sign Forms Now

Munki2010

Ok...so I handed the keys along with the letter as detailed below into my local branch of Cheltenham & Gloucester. Next day I got a phone call. They want to send me out forms to fill in and sign. They have told me that they cannot progress the voluntary surrender of my property until I fill in these forms and sign them. I remember reading on a thread somewhere on the forum that a person in this situation absolutely must not complete any forms or sign anything. So I seem to be at a bit of an impasse just now. I just want this over and done with so that we can get on with our lives. Are C&G just trying to trick me into signing something that will invalidate the protection I get from being in the trust deed and allow them to pursue me directly for the shortfall that will no doubt be left once they sell the property? Can someone please advise?

Current address


Date

account no.

Dear Sirs,

We are writing to inform you that we have given up possession of the property (Property you wish to be repossessed) to yourselves on a voluntary basis. We cannot afford the mortgage payments and are under a protected trust deed due to exceptional financial pressures.

We do not object to any repossession action through the courts.

The property is left in good condition. We have informed the local council that we have left the property empty therefore it is exempt from council tax for 6 months. Following this time period it is exempt without time limit as the dwelling is in the possession of the lender.

Thank you for your assistance; we shall have no further contact with you regarding this situation.

Type name here
DON'T SIGN IT

dimbo61

It will not be " over and done" for a very long time I am afraid.
They will chase you for the debt and take you to court.
Good Luck

Let_Us_See

Wishful thinking. The lender can, and probably will pursue you for years to come. I believe the time limit is up to 12 years, but this could have been changed.

Munki2010

dimbo61 wrote: »

It will not be " over and done" for a very long time I am afraid.
They will chase you for the debt and take you to court.
Good Luck

We are in a protected trust deed and have been told by the trust deed people thatany money eventually owed will be rolled into the trust deed.

maninthestreet

Munki2010 wrote: »

We are in a protected trust deed and have been told by the trust deed people thatany money eventually owed will be rolled into the trust deed.

Did you take independent legal advice on this point?

Munki2010

maninthestreet wrote: »

Did you take independent legal advice on this point?

No we didn't. We took advice from the company handling our trust deed who explained that once the property has been sold any shortfall would become unsecured debt and be rolled into the trust deed.

droiderm

Unfortunately this will hound you forever on future mortgage applications.

At_a_loss_2

S

Thanks in advance

Ian

Let_Us_See

I understood that your creditors (which would include your mortgage lender) had to agree to the terms and conditions of the Trust Deed before finalisation. If your lender was unaware of your action then I cannot understand why you think you can now ignore your mortgage commitment?

Munki2010

Let_Us_See wrote: »

I understood that your creditors (which would include your mortgage lender) had to agree to the terms and conditions of the Trust Deed before finalisation. If your lender was unaware of your action then I cannot understand why you think you can now ignore your mortgage commitment?

As I've already mentioned...I took advice from the company who are looking after the trust for me. I can only tell you what I was advised. I was advised that in the event of the flat being repossessed the lender would then sell the property and any shortfall would become unsecured debt which would be rolled into the trust deed. I understand what it is you are saying but why would the person looking after my case lie to me. I actually spoke to him on three separate occasions in regard to this and all three times he told me not to worry about it. The reason why I started this thread was to take advice on filling in the forms that my lender is now telling me I must complete. But now I'm starting to worry because everything I'm being told seems to indicate that the trust deed people are giving me bad advice. I was told that they have recently dealt with a case exactly like mine. The debt was rolled into the persons deed and the deed was extended to accommodate. Am I being lied to? Really worried now.

dimbo61

Speak to shelter or a local solicitor ( normally you can get 1/2 hour free)
There is also a debt charity called STEPCHANGE who may be able to advise and do not charge RIP off fees