Full and Final Settlement Help Please

MissDevon

Hi there,

Following a voluntary repossession I have a large outstanding debt with NRAM. They have agreed to accept a smaller final settlement.

The question is, this was a joint debt and myself and the other party are no longer together. We have agreed that we want both to have a clean slate and the money is a joint effort. We have only had individual agreement letters from NRAM. Should we have a letter with both names? - I am concerned they will pursue one of us afterwards for the debt.

The letter from them states 'once the amount is received we will no longer pursue you for the remaining amount outstanding. We will notify credit reference agencies that your debt has been partially settled'.

Should we be pushing for a clearer worded letter regarding the debt being put to nil and not being passed to a DCA?

This is my only debt and I am terrified of parting with a huge amount of money and then this not be the end of the matter.

If anyone has any advice or experience particularly with NRAM then we would appreciate this so much!

Thank you for reading. x

sulli182

Hi and apologies as this isn't really answering your question but im currently attempting to negotiate a full and final settlement with nram myself and I was wondering if you would mind disclosing what sort of percentage of the balance they have agreed to?

regarding your question I would have thought what you have from them would suffice as long as you keep it safe for the next 12 years!!

MissDevon

I will send u a private message x

sulli182

MissDevon wrote: »

I will send u a private message x

Thanks MissDevon really appreciate it. :beer:

Bigjazzy

Hi

I too have a large debt with NRAM...approximately £150k shortfall after they repossessed and sold our property at auction.

Can you please advise what % offer have you made which they accepted. Also how old is your debt.

It will really help me and other people on the site know what % of the debt NRAM are accepting.

Please do share..

MissDevon

Sorry for the late reply. I have attempted to deal with the debt as soon as the letter came in with the breakdown of costs. I have offered 30% approx but it seems to be very individual and down to what you can afford whether they accept or not.

Good luck to everyone facing this nightmare with NRAM and other companies.

I must say I am wondering whether settling with them is a waste of £ as from what I have seen is my credit file is in tatters regardless