I have personal unsecured debt of circa 30k and a mortgaged property balance standing at 310k but valued at 150k.
I have a pip working on putting together an insolvency proposal.
The bank have agreed to a voluntary surrender but obviously I would still be liable for the shortfall.
Is it ok to surrender the home now, before the proposal has been put forward ? My pip seems to think I should do this now. I'm afraid the bank will then turn down the proposal as they'll want to sell the property first?
I have a pip working on putting together an insolvency proposal.
The bank have agreed to a voluntary surrender but obviously I would still be liable for the shortfall.
Is it ok to surrender the home now, before the proposal has been put forward ? My pip seems to think I should do this now. I'm afraid the bank will then turn down the proposal as they'll want to sell the property first?