NRAM payment holiday problems

ev_dubz

Hi all

Bit of advice please - have seen a few threads about NRAM and their administration of these payment holidays but still have few queries.

I have been with nram for about seven years and have had about three payment holidays. Requested one now for works to my house and they put me through to an assessment team. They went through every possible bit of expenditure - to the point the girl asked me what I spend on my nieces' birthdays (because I have no children in my house to spend on!). I said that was superfluous as I would only ever give gifts i could afford. The questions went on.

In any event she putme on hold and came back and declined the payment holiday. This was on the basis that:

1. She expects me to be open and honest about spending. I gave "zero" figures for things she would expect there to be figures for - even £1!!
2. NRAM make a practice of building in a 3% tolerance for increase in base rate. This would bring my montly payments up to over £550

I said fine put a £1 in where I have given zero if you think there should be a figure there. She said no as she prompted me to give that figure. She said I could send in 3 months bank statements for them to look at. I said no (reason being is i take cash out to make many payments so i dont trust them to work it out!).

I said I never had to do this type of assessment before and she said it was a change in the last five six months and that customers do not need tobe notified of it.

I have seen other people posting on here from last year and earlier saying they had to go through the same set of invasive questions!

What I would like to know is:
1. Is this a recent change or did she "lie" to me. Is it because I have requested payment holdays in the past?
2. Can they build in 3% tolerance? and if so, where does the 3% come from - why not 2% or 4%?
3. are the questions not unfair in the sense that they expect a spend on every item? (another example - i said I do not spend on take aways and she said she expected a figure).
4. Is it right that they suggest I am being dishonest?

Very stressed by this and feel like they have been really invasive - I have never missed a payment on anything. Single and living on own, admittedly no savings butmanaging everything every month - now need to spend £300 on electrics and this is my only option- feel like they think i am trying to be deceptive or something

any coments welcome please

thanks

ViolaLass

If it's only for £300, can't you get a credit card?

ev_dubz

i didnt want to get a credit card to be honest.

Tjrw1985

They can do whatever they like without telling you. It is a change in business practice which they are entitled to do.

Does your mortgage contract explicitly state that you are entitled to take payment holidays?

ev_dubz

I expect the contractual terms say that a payment holiday is allowed subject to status or something. generally, i am permitted a pyament holiday after making so many payments on time in a row.

the manager (from nram assessment team) just called me back. he did in fact apologise for the "interrogation" just given by the consultant. he said it was handled wrongly etc.

He explained that because I spend less than the "national average" that they expect i am in financial difficulty and as such declined the payment holiday

apparently because I am cautious with my spending (hence the low spend) it means I am not being honest with them about my position....

they are going to call me back again to go through assessment again - it seems if i say i spend more i might be eligible???

really doesnt make sense to me!

_Andy_

Not what you want to hear but they don't have to justify anything to you nor are they obliged to offer you a payment holiday.

opinions4u

Why would you borrow a small sum such as £300 and repay it over a term as long as a typical mortgage.

Hopelessly_Hopeful

Hi

Give them a chance when they call back, could be it all goes through. I am on a DMP and recently took a 3 month holiday so I could chuck more money to pay my debt off. I had to go through I/E too. I have defaults but I have made significant inroads into the debt repayment so that worked in my favour.

Good luck with it.

HHx

Thrugelmir

ev_dubz wrote: »

apparently because I am cautious with my spending (hence the low spend) it means I am not being honest with them about my position....

Chicken and egg. So where does your money go?

Everytime you take a payment holiday it merely increases future payments. So you merely end up on a hamster wheel going nowhere. Somehow you need to break the cycle. Before a wheel, well and truly falls off.

ViolaLass

ev_dubz wrote: »

i didnt want to get a credit card to be honest.

Even though it seems it would be easier to get?

Hopelessly_Hopeful

Thrugelmir wrote: »

Chicken and egg. So where does your money go?

Everytime you take a payment holiday it merely increases future payments. So you merely end up on a hamster wheel going nowhere. Somehow you need to break the cycle. Before a wheel, well and truly falls off.

Doesn't that depend on overall context? As I plan to OP mortgage when I finish the DMP in 11 months it will mean I am financially better off for taking the mortgage break now to clear the card that was on 25.9% interest.