www.iva.co.uk

Hey Guys,

Been a while since I posted on here and a lot has happened, due to personal reasons [:)] I have decided that my house has to go. Not worth the hassle at the mo, so time to move on and get a fresh start [:)]

I took my mortgage out in 2007 and looking at the other houses for sale in the house I got a fair chunck of negative equity. I rang Northern Rock and they have sent out the surrender form which basicly says come and get me for the shortfall.

I have seen so many posts on the net about not signing this and just leaving them go through the pain of resposession etc....so not sure where to go on this? I was thinking it would be a bit cheaper for me to hand it back (avoid court costs etc...)

Also how will this effect my current IVA?

Any tips would be great guys, time is running out

Hi
Check with your IP regarding how it will affect your IVA.
Not sure if there is a disadvantage with surrendering your house rather than allowing reposession, think this only matters if you are looking to be housed by your local council.
I do hope that your IVA can continue and that you have the fresh start that you need
Good luck
Regards

Whether or not you sign the deed of arrangement with the lender if you surrender your home or have it repossessed there is by your admission going to be a shortfall,if the shortfall is substantial it could mean 26 payments on your current IVA down the drain, you will possibly be staring at voluntary bankruptcy.