NRAM Mtge Repayment Info Request

Somerset

Previously had a letter/form asking have you got a repayment plan in place, ticked 'yes'. For info, mortgage interest only, repayable 2015.

Today got a letter/form asking for specific's. It is a request for information, states it is ''important that we keep an up-to-date record of your plan''. But it comes across as a 'you must comply'.

Now people may say ''so what?'' they are being helpful, just fill in the form, it's due diligence on their part etc. But I find it intrusive.

Specific Questions :
Endowment : When, how much
Pension lump sum : When, how much
Investments :
- property : When, how much
- stocks/share's : When, how much
- other : When, how much
Savings : Current balance, monthly savings

Now this may be mandatory toward the end of a mortgage term ( maybe someone can say yes/no ). It may be good practice. I may supply the information for the sake of an easy life. But,
- they asked ''can you'', answered ''yes''
- now ''tell us the source and number's''
- theoretically the next letter could be ''prove it/paperwork''

It's perfectly reasonable to 'remind' customer's that their mortgage requires repayment on xx-xx-xxxx and to review their position, however it's already been asked and answered. I just wonder how much this is to do with the mortgage repayment as opposed to getting a picture of the customer in order to flog them more product's.

kingstreet

NRAM is selling nothing.

It is a UK Government vehicle used purely to run down the old Northern Rock mortgage/loan book.

The request can be taken on face value. They are trying to ensure no-one gets a nasty surprise late in their mortgage term.

I don't know how they would react to a response of "no repayment plan in place."

Thrugelmir

Somerset wrote: »

It's perfectly reasonable to 'remind' customer's that their mortgage requires repayment on xx-xx-xxxx and to review their position, however it's already been asked and answered. I just wonder how much this is to do with the mortgage repayment as opposed to getting a picture of the customer in order to flog them more product's.

NRAM are covering themselves as your answers can be used in the event of any dispute.

More importantly what are your plans in 2015?

Somerset

kingstreet wrote: »

The request can be taken on face value. They are trying to ensure no-one gets a nasty surprise late in their mortgage term.

Fair enough ( as I've already said ). So why don't they accept the answer given by their customer, to the same question, asked two month's earlier ?

kingstreet wrote: »

I don't know how they would react to a response of "no repayment plan in place."

They provide the relevant number to discuss.

Somerset

Thrugelmir wrote: »

NRAM are covering themselves as your answers can be used in the event of any dispute.

So how many times do they need to ask the same question before they are satisfied they have covered themselves ?

I might set up a template response letter to save time.

bigadaj

Somerset wrote: »

So how many times do they need to ask the same question before they are satisfied they have covered themselves ?

I might set up a template response letter to save time.

Given the history and current situation with io mortgages than can't really blame them.

And also if you have no repayment plan in place then they will presumably just repossess the house and sell it to recover the equity, which might be a bit of a shock to you.

Would be a lot easier to state a means of repayment, whether pension lump sum, isas, endowment etc and save the grief.

CasperBloomberg

We are in same position as the original poster and I completely agree with their stance. I didn't reply to their first request, and have received a reminder to reply. However I won't reply as they have no valid reason for wanting detailed breakdown of my financial status except to either sell me more stuff or be able to validate their own financial position and i'm not giving them access to the level of detail they're demanding for no benefit to me. They certainly don't seem to illustrate in the letter that they have a right to the info as it is very cleverly written as though to assert it is necessary to give it to them without stating it as such.

I'm shocked to find responses from people on MSE who think it's only fair for a company to be this aggressively invasive into private information.

.. and this is not from someone scared of the default looming, but soemone who has nothing to hide and could pay off tomorrow except our mortgage terms are wonderfully favourable so the money is better where it is. I just don't see why I need to give them any detail on that.

TrickyDicky101

You could consider supplying the information they ask for ... for a suitable fee of course.

Unless you are contractually obliged to provide such information, I would carefully file such request into the nearest waste paper receptacle.

Thrugelmir

CasperBloomberg wrote: »

We are in same position as the original poster and I completely agree with their stance. I didn't reply to their first request, and have received a reminder to reply. However I won't reply as they have no valid reason for wanting detailed breakdown of my financial status except to either sell me more stuff or be able to validate their own financial position and i'm not giving them access to the level of detail they're demanding for no benefit to me. They certainly don't seem to illustrate in the letter that they have a right to the info as it is very cleverly written as though to assert it is necessary to give it to them without stating it as such.

I'm shocked to find responses from people on MSE who think it's only fair for a company to be this aggressively invasive into private information.

.. and this is not from someone scared of the default looming, but soemone who has nothing to hide and could pay off tomorrow except our mortgage terms are wonderfully favourable so the money is better where it is. I just don't see why I need to give them any detail on that.

Those that kick up the most fuss tend to have something to hide.

CasperBloomberg

Thrugelmir wrote: »

Those that kick up the most fuss tend to have something to hide.

Those that kick up the most fuss are the most suspicious and least likely to get caught out in an injustice as they won't just roll over.

bigadaj

CasperBloomberg wrote: »

Those that kick up the most fuss are the most suspicious and least likely to get caught out in an injustice as they won't just roll over.

Good for you but many currently have little or no provision for repayment, and to be fair the lenders are only trying to preempt this. Alternative would be evicting pensioners when they can't repay the capital which isn't good for anyone.

If I were you I would just reply to any correspondence with a brief confirmation that you have made provision for repayment.