Surrender of keys agreement please help

Ed325

Myself and my partner are now discharged from bankrupcy and have handed the keys back to the mortgage provider for volantary repossession. I have always thought I should never sign a deed of acknowledgement after bankruocy because I could be liable for the shortfall but I have received a ‘Surrender of keys agreement’ and on part 11 the wording us as follows ‘We understand that if the property is sold at a loss then i am liable to repay any shortfall. If we are bankrupt you cannot pursue us for any shortfall on the sale of our property. However we are aware that any shortfall will become part of our bankruptcy’ Are we safe to sign this and not be liable of any shortfall we are being chased by our IP to get it signed and returned but scared to sign it please help

sourcrates

If it states that any shortfall will vest in your bankruptcy, and you cannot be chased for it, then it would seem to be OK.

However, a debt accrued after the date of your bankruptcy would not normally be included, so there is a conflict here, you should take independent advice on this from perhaps National Debt line, or one of the free debt charities, I would say ND is your best bet.

Otherwise you could contact the OR, ask there opinion.

Just to make you aware, although I did not go bankrupt, at one point in the past I had to surrender a house to the lender, I did not sign anything, and certainly not a document such as you refer too.

MEM62

Or you could follow conventional wisdom and just not sign anything.  Why are you even considering doing so?  

tiggerbodhi

You do not need to sign anything, send the keys recorded delivery with a covering letter of basically "here's your keys for {address} thank you and goodnight"
Cynical old me thinks that getting you to sign a "surrendering keys agreement" may turn out to be another stick they try to beat you with.