Builidng Society Voluntary Repossession Claims

Mollie_Guinness15

Building Society keep asking me to sign a surrender form in which one accepts liability for any shortfall. Obviously I will not sign this and keep informing them of that fact, but they are still pursuing me.

Would you advise sending a solictor's letter advising them to repossess the house through the courts if they must, as I will not be signing any form that negates my release from liability under the terms of the bankruptcy.
Over the phone they say that shortfall debt will be added to the bankruptcy and they wouldn't pursue me but I don't trust them, and I've told them I won't be signing the form.

They say it would be better to sign it as the shortfall will be less, but that shouldn't matter as I'm not liable for the shortfall.

Frankly I think the BS are being dishonest.

tiggerbodhi

Hi,
From my experience DON'T sign it, the form they are trying to get you to sign will possibly make you liable even if you go BR, it doesn't matter how big or small the shortfall is if you are going BR it is covered by it if its 5p or £50,000.


Personally wouldn't bother with a Solicitor either, leave the property, take lots of photo's before you do, turn off the water, gas and electricity, then post the keys back recorded delivery advising the BS that you have left and they are welcome to repossess.


You will need to keep building insurance going and speak to the local council about council tax, some will make you keep paying, some will either cancel or reduce your payments, either way don't pay them as the arrears can go into your BR.


Remember when dealing with DCA's and BS's the person you speak to on the phone is rarely well trained and will say anything to get you to sign a form or make some form of agreement.


If you feel worried about talking to them, just stop, change your number or refuse to do "security checks" when they phone you, if you have a wicked streak there is fun to be had!

Mollie_Guinness15

Thank you, I think refusal is definitely the way forward.

GazHatesBanks

Just a note that even if you have buildings insurance in place, once the property is vacated it may not be valid (usually after 30 days)

I had the same issue with Nationwide and informed them that their own insurance policy stated that very clearly - once I pointed out that whatever happened in the meantime could result in them getting less for the property than they expected (i.e. increasing or in my case potentially generating a shortfall) which would also fall into the bankruptcy it fired them up into starting proceedings!