NRAM wont split mortgage & loan!

Happytogetdebtfree

Just a curious question for myself of you had the amount to pay the loan would they pay the loan or allocate to the mortgage and continue to split payments? Hope that makes sense it is Sunday after all

Livvipivvi

Hiya, I too am in the same situation.

I was wondering if anyone has made any progress? Has the recent acknowledgement from NRAM regarding the way these loans have been handled and their t&c's affected this? And the change in the way they arrange and word the statements, has this helped at all?

1step-at-a-time

NRAM will split the two payments. I split them when I was saving for BR I made token payments for 3 months onto the unsecured element.

Firstly you need to phone them and request your breakdown figure of your secured and unsecured monthly payments. Then, as a previous poster mentions, you need to pay monthly either by cheque or standing order NOT direct debit and each and every month you have to write to them to confirm the allocation.

For example, my original repayment was £630 a month combined for unsecured and secured comprising £120 a month to the unsecured and £510 a month to the secured. Each month I made 2 payments onto my account - one for £510 and one for £1 - by standing order and each month I wrote to them confirming the amount paid onto the account and how it should be allocated.

Now, the only problems I can forsee with a DMP is that they may well try to quickly secure the unsecured loan on the property - in fact whilst doing my DMP prior to BR they indicated this is what they would likely do and was one of the final factors in me opting for BR. Additionally, paying by cheque or standing order instead of DD incurs a £25 annual fee that is added to your mortgage account.