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Voluntarily surrendering my flat while in protected trust deed...some advice needed.
Munki2010
Posts: 18 Forumite
I am in the process of voluntarily surrendering my flat (not my main residence BTW) while under a protected trust deed.
1. Have handed the keys into C&G along with a letter outlining my position on the matter
2. C&G are insisting I complete some forms before they can proceed with the voluntary surrender
3. Have spoken to the insolvency company that is looking after my trust deed who have confirmed that once the property has been sold any costs/shortfall will be rolled into the trust deed
4. Insolvency company have advised that regardless of any forms I complete the resultant shortfall will be declared unsecured debt and will be rolled into the trust deed
5. Insolvency company have advised that I stop worrying about the situation and just let matters play out
I'm still worried. My wife is still worried Does anyone have any advice? Or am I doing the right thing?
Basically I had a tenant in the flat. Tenant moved out in November. Property has been empty since. I cannot afford to pay the mortgage, council tax and utility bills any more. Flat is in a really bad area and property just isn't renting or selling for anything like enough to cover how much I owe to clear my debt on the property.
1. Have handed the keys into C&G along with a letter outlining my position on the matter
2. C&G are insisting I complete some forms before they can proceed with the voluntary surrender
3. Have spoken to the insolvency company that is looking after my trust deed who have confirmed that once the property has been sold any costs/shortfall will be rolled into the trust deed
4. Insolvency company have advised that regardless of any forms I complete the resultant shortfall will be declared unsecured debt and will be rolled into the trust deed
5. Insolvency company have advised that I stop worrying about the situation and just let matters play out
I'm still worried. My wife is still worried Does anyone have any advice? Or am I doing the right thing?
Basically I had a tenant in the flat. Tenant moved out in November. Property has been empty since. I cannot afford to pay the mortgage, council tax and utility bills any more. Flat is in a really bad area and property just isn't renting or selling for anything like enough to cover how much I owe to clear my debt on the property.
0
Comments
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What is it that you're worried about, munki?
Your trustee has explained how the shortfall will be dealt with - and he's done that very well, and very clearly.
Is it the shortfall that's worrying you, or is it something else?0
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