1st credit and NRAM

Corse748b

Hi

I defaulted atwo years ago on an NRAM loan and it was handed over to 1st credit

I arranged a payment plan and have stuck to it

Earlier this year they agreed a settlement figure (partial) and I have been paying a large amount each month, I have 6 weeks left to run on it and all of a sudden I have had a letter stating that the administration of my account is going back to NRAM and 1st credit are no longer administrating the account

As it stands I have 8k outstanding and only had £908 left to pay on my settlement figure

My question is , do NRAM have to stand by that or are they taking control of the loan back and expecting me to pay the balance?

Thanks

Rob

UsetheFORCE

Corse748b wrote: »

Hi

I defaulted atwo years ago on an NRAM loan and it was handed over to 1st credit

I arranged a payment plan and have stuck to it

Earlier this year they agreed a settlement figure (partial) and I have been paying a large amount each month, I have 6 weeks left to run on it and all of a sudden I have had a letter stating that the administration of my account is going back to NRAM and 1st credit are no longer administrating the account

As it stands I have 8k outstanding and only had £908 left to pay on my settlement figure

My question is , do NRAM have to stand by that or are they taking control of the loan back and expecting me to pay the balance?

Thanks

Rob

Did you have it in writing, the terms and conditions of this agreement? I am not sure exactly where you stand legally on this!

Corse748b

Yes I have a letter from 1st credit with the breakdown it states at the bottom of the letter once paid NRAM will be informed and the remaining balance will not be pursued and I will receive no further communication regarding the matter from 1st credit

Corse748b

Letter reads

Following our conversation on 13th August, we can confirm that an arrangement was agreed on 30th April 2012 to pay £ over 10 months monthly instalments of £

Once paid NRAM will be notified, the remaining balance will not be pursued going forward and you will not receive ant further communication regarding the matter from 1st credit

UsetheFORCE

Seems pretty concrete to me, just keep paying THEM then if they do pass it on...tell them to go swivel!!!

Hopefully someone will come along with the definitive answer...

bouncydog1

Do you have any correspondence acknowledging that the reduced amount will be in full and final settlement of the debt? It seems open ended to me and would appear to leave the balance still open to recovery. That is only my view though and could well be totally wrong.

Apples2

bouncydog1 wrote: »

Do you have any correspondence acknowledging that the reduced amount will be in full and final settlement of the debt? It seems open ended to me and would appear to leave the balance still open to recovery. That is only my view though and could well be totally wrong.

That's how I read it too.

1st Credit won't be the ones persuing you but it doesn't say nobody else will.
That key phrase in any settlement offer remains the same, "In Full and Final Settlement". It is the "get out of jail" phrase if the wheels fall off.

Debts can be passed between companies, it is their business asset so you can't simply tell people to "go swivel" just because you don't like their name.

Hopefully it is a simple mistake but it would be a very happy christmas for you if they decided to write off over £7k.

UsetheFORCE

Corse748b wrote: »

Hi

I defaulted atwo years ago on an NRAM loan and it was handed over to 1st credit

I arranged a payment plan and have stuck to it

Earlier this year they agreed a settlement figure (partial) and I have been paying a large amount each month, I have 6 weeks left to run on it and all of a sudden I have had a letter stating that the administration of my account is going back to NRAM and 1st credit are no longer administrating the account

As it stands I have 8k outstanding and only had £908 left to pay on my settlement figure

My question is , do NRAM have to stand by that or are they taking control of the loan back and expecting me to pay the balance?

Thanks

Rob

So a loan off NRAM was being collected by 1st Credit, I assume 1st Credit were acting on behalf of NRAM and so whatever 1st Credit agree to would be binding on NRAM anyway??? Anyone?

poppasmurf_bewdley

Corse748b wrote: »

Hi

I defaulted atwo years ago on an NRAM loan and it was handed over to 1st credit

I arranged a payment plan and have stuck to it

Earlier this year they agreed a settlement figure (partial) and I have been paying a large amount each month, I have 6 weeks left to run on it and all of a sudden I have had a letter stating that the administration of my account is going back to NRAM and 1st credit are no longer administrating the account

As it stands I have 8k outstanding and only had £908 left to pay on my settlement figure

My question is , do NRAM have to stand by that or are they taking control of the loan back and expecting me to pay the balance?

Thanks

Rob

Your problem may be in that word 'partial', ie not 'Full and Final'.

Corse748b

I spoke to both bran and first credit on the 31st

First credit didn't know what was happening, nram weren't sure either

Nram said to call back in a week 1st credit said they would call me

The only good thing out of the call was that nram said thy would honour whatever 1st credit had put in place......


Time will tell

Thank all for your replies I will keep you updated

Cheers

Rob

Corse748b

Just spoken with 1st credit who have told me NRAM have called ALL of their business from 1st credit back in...... No use whatsoever 1st credit about as much use as a chocolate fireguard!!! NRAM now closed until the morning..... Saga continues