NRAM mortgage arrears.....any advice welcome!

Decanus

Hi all,
just looking for any general info. I have the misfortune to have a mortgage with NRAM, and being stuck with them have recently gone into some financial trouble. Unfortunately this year my wife's mum died, and my wife was extremely distressed and ended up on sick leave then unpaid leave from work on depression; I had to leave my job to look after our children (both under 4)

Very tough times, but we continued to pay all our bills and everything from savings which are now gone, and now my wife has returned to work, and I am job hunting again. However in the short term, we cannot meet the full mortgage payments until I re-start work.
I contacted NRAM, and it took 3 weeks to receive a reply; I completed the finance form, returned it, then received a letter back saying they could not agree to my proposal (which was to pay 60% of the mortgage fee, for a period of 6 months). No explanation, alternative , nothing. Pretty disappointed.
I had expressly told them I did not wish to discuss anything on the phone, because people never remember any previous calls, staff are liberal with the truth, try to manipulate words etc, only in writing so I have a full record. Their recommendation? phone the Financial Hardship Team!
Has anyone dealt with this team? are they actually useful or just a fob off? I am thinking of appealing this decision, anyone had any success doing this?

I thought my offer was very reasonable, especially as it was terrible circumstance that put us into this situation, not financial problems alone.

Any advice, guidance, tips would be gratefully received!

opinions4u

What other bills are you planning to pay 60% or more of?

What other bills are you planning to pay less than 60% of?

Why have you decided the mortgage is the one you can't fully afford?

Decanus

Thanks for asking.

I have already agreed reduced payments with credit cards and loans a lot less than 60%; full payment is obviously reserved for council tax, utility bills etc. Most things have been cut back on, but things like travel costs etc can't be.
The mortgage is obviously the single most expensive bill we have, and the 'disposable' income left after all the rest will not cover the whole mortgage.
Given time to find a job, of course, then full payments plus payment of the arrears back would be resumed. I didn't think 6 months was unreasonable in the current climate.

opinions4u

It's good that you have looked to prioritise.

Remember, this situation is going to damage your credit files, so don't expect any cheap loans or new credit cards in the next few years.

As for what to do next? Pick up the phone. You've got nothing to lose. Most calls will be recorded and you will be entitled to a transcript if there is ever a dispute.

Equally, any arrangement to accept lower payments should be confirmed in writing.

They can't have what you don't have. Equally, you want to ensure that you keep a roof over your family's heads. So a short term arrangement be something that they can agree.

More likely than not they will want to review this monthly or bi-monthly. So committing to 6 months of underpayments that will leave you more than 2 months in arrears at the end of it is a big ask. They are more likely to agree to a couple of months and extend.

So make the call. Get names and make notes and ask them to confirm in writing what is acceptable.

Good luck on all fronts!

Dave_Ham

I have had a couple of clients scramble onto interest only at 6 month terms and one of those got extended for 6 months.

It was stupidly hard work and everything was put in writing with mitigating factors similar to yours.

All the best

Decanus

Thanks for the advice, will probably ring them Monday (although

Thrugelmir

Decanus wrote: »

Thanks for asking.

I have already agreed reduced payments with credit cards and loans a lot less than 60%; full payment is obviously reserved for council tax, utility bills etc.

Also should be the mortgage. Default on the unsecured debt if necessary.

Try the National Debt Line for some impartial advice.

http://www.nationaldebtline.co.uk/