NRAM full and final

Bigjazzy

Hi All

Has anyone had any success of full and final offers with NRAM? It says on my credit file settled so I presume the debt has been sold. I defaulted in 2009 when my house was repossessed. It was the together mortgage. Both debts on credit file say settled.

The mortgage shortfall was £110,000 and the unsecured loan was £30,000. In total with charges etc the last I knew it amounted to £155,000. I am wanting to try and settle this however cannot pay in full and hoping to do a full and final.

Has anyone successfully negotiated a F&F after it has been sold and how many pence in the pound was it? The unsecured element will become statute barred next year. So if I wait I will only have the mortgage shortfall to settle.

Any advise please?

National_Debtline

Hello there,

I've spoken to callers who have looked to negotiate full & final settlments with NRAM in the past, so I know it's possible. It's important that you negotiate in writing. Also ensure that you do not make your payment until you have confirmation that your offer has been accepted in writing. Here's a link to our full and final settlement fact sheet:

https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

Best wishes,

David @ NDL.

Bigjazzy

Many thanks.

Do you have any idea what percentage they were able to negotiate for the mortgage shortfall?

Also the Northern Rock debt says settled on my credit report, do that mean the debt has been sold? There is no other creditor that has registered this debt so a bit confused at this. I have also checked to see if a CCJ was registered against me. I searched trustonline and there is nothing registered nor is there anything on my credit file.

sulli182

Hi there, I'm in a similar situation to you. I have literally wrote out a f+f letter to send to NRAM today and will be posting this week. I didnt even think about unsecured part becoming statute barred - will be 2016 for me. However I just want to get it sorted so I can move on.

They were bugging me with voicemails but I wrote to them requesting all correspondence to be in writing.

My credit record states debt is satisfied - not settled. No CCJ.

Be interesting to hear how you get on....

Bigjazzy

Thanks for the email. Would you mind if I asked what percentage of F&F are you offering?

I checked my credit file again and sorry it does say satisfied, which I still don't know what that means as there is no other creditor that has replaced this entry.

I am not going to make any F&F offer just now, reason being that the unsecured element will drop of my credit file next year and so will my other debts. I will then approach NRAM or the DCA and make an offer. I don't want to poke a sleeping dog and find out that they refuse all my offers and start ccj's etc.

I want to settle but want to do some research and find out how much they settle for on average and then make sure I have that amount to approach them.

Last time I approached them they were very aggressive and arrogant and frankly did not care...

Let me know how you get on

National_Debtline

Bigjazzy wrote: »

Many thanks.

Do you have any idea what percentage they were able to negotiate for the mortgage shortfall?

Sadly, there isn't a hard and fast rule when it comes to how much they may consider. That said, I have come across lots of really low percentages when it comes to mortgage shortfalls. 10-20% isn't unheard of.

I checked my credit file again and sorry it does say satisfied, which I still don't know what that means as there is no other creditor that has replaced this entry.

It is quite possible that the debt has been sold on. If this turns out to be the case the new owner may process the information on your file.

Best wishes,

David.

sulli182

National_Debtline wrote: »

It is quite possible that the debt has been sold on. If this turns out to be the case the new owner may process the information on your file.

I assumed that was the case but it is NRAM who are contacting me still? Plus it has been this way for over a year.

Anyway I am starting with just over 5% - realistically I know this will be rejected but it is a starting point.

Can see your point, if they aren't chasing you at the moment it is probably best to leave it in the hope the loan element becomes statue barred. They started to contact me most days, is only 2 1/2 years since the last payment and I just know it won't suddenly go away. I'm also at the age where I am wanting to rebuild my credit file so I can buy a property again (with somebody who won't screw me over this time!) and start a fresh.

My main concern is the same as you in that I really want to avoid a CCJ, etc not just because of work, but it will start the whole 6 year knackered credit record period off again. I will let you know though. I find these forums really helpful but the only thing is that with most of the threads I have found about people in the same situation there is no conclusion as people stop updating.

Sending letter tomorrow - wish me luck!

National_Debtline

sulli182 wrote: »

I assumed that was the case but it is NRAM who are contacting me still? Plus it has been this way for over a year.

That does appear strange. It's in your favour though!

Anyway I am starting with just over 5% - realistically I know this will be rejected but it is a starting point.

You never know. Can you remember if your mortgage had 'mortgage indemnity insurance'? If so NRAM would have been compensated for the shortfall. Sometimes you may be chased by the insurer if this is the case. I have seen some incredibly low offers get accepted for mortgage shortfalls, some lower than 5% (although as you can imagine this is quite uncommon).

Can see your point, if they aren't chasing you at the moment it is probably best to leave it in the hope the loan element becomes statue barred.

Absolutely.

Hope it all goes well.

David.

Bigjazzy

Thanks David for your advise.

What is the range of F&F that you have experienced that they have settled for. I know a friend who settled his mortgage shortfall with 5% but that was with BOS.

I know NRAM have been very difficult and that's why I am looking for a guide that they have accepted or the range at which they accept.

If it was any other lender I would have made contact to try and settle this but NRAM I feel haven't played ball...things might have changed hence my question.

sulli182

National_Debtline wrote: »

That does appear strange. It's in your favour though!


You never know. Can you remember if your mortgage had 'mortgage indemnity insurance'? If so NRAM would have been compensated for the shortfall. Sometimes you may be chased by the insurer if this is the case. I have seen some incredibly low offers get accepted for mortgage shortfalls, some lower than 5% (although as you can imagine this is quite uncommon).


Absolutely.

Hope it all goes well.

David.

I've had a quick look through the old paperwork and I can't see any mention of MIG insurance. That being said I sent a template letter requesting info on the account based on the one from the NDL website (thanks) and NRAM stated they had not claimed against it, so perhaps there wasn't.

Anyway letter has been sent today and will see what happens.

Thanks David.

Bigjazzy - Agree with comments on dealing with NRAM, the couple of occasions I haven spoken with them they have definitely shown a lack of care despite the difficult situation. I've done quite a bit of research on F&F and it seems as though it is circumstantial. Will keep you updated as to how I get on anyway.......