# Voluntary surrender in exchange for write down



## michaelg (22 Mar 2014)

Bank are about to appoint a receiver to my property, Is it better to sign a voluntary surrender willingly or try to negotiate a deal to sign it in exchange for a write down ?

It would seem to me that I should not sign a surrender unless a shortfall solution has been agreed, 


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## robert 200 (22 Mar 2014)

Some banks are doing deals , others are not . Which bank are you with ?


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## michaelg (22 Mar 2014)

Ulster bank,  things are changing so fast with banks now, it's difficult to know what to do,

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## robert 200 (22 Mar 2014)

A friend of mine got a writedown of 2M last week with Ulster so they are doing deals.
I dont know any more details. If I was you I would try and get a writedown as it would
prevent them tormenting you in the future.


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## Brendan Burgess (22 Mar 2014)

If they are at the stage of appointing a receiver, I doubt if they will be open to negotiating a deal with you.  

They might do a deal afterwards. 

Is this for the site you mention in this post?  

I think it would be a lot better for everyone if you did a voluntary sale. 

Brendan


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## michaelg (22 Mar 2014)

Yes, it's that site,, but why would it be better for me to do a voluntary sale ? Surely I have more leverage in negotiating by not signing ?

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## Brendan Burgess (22 Mar 2014)

It's very hard to know. 

They won't do a deal with you. So you can refuse to sign. They appoint a Receiver - you get no benefit. 

If you agree to sign, they might cooperate with a PIA or other arrangement afterwards. 

Brendan


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## michaelg (22 Mar 2014)

Strangely I had a call yesterday from a bank official, he said if I submit a sfs on Monday over the phone, they could stop the receiver. 

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## michaelg (5 Apr 2014)

Spoke to bank last week and they offered me a 6mths moratorium which I declined, it's for a site which I know I've lost anyway.. Now they want me to meet one of their representatives which I've agreed to,,  

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## michaelg (12 Oct 2014)

Ulster bank never followed through with a meeting and instead appointed a receiver,,


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