NRAM possible settlement of Unsecured element of Together Fixed loan

stator

Put the offer in writing, worth a try.

silvercar

Thrugelmir wrote: »

NRAM can block the sale.

How can NRAM block the sale if the secured amount is paid off. The whole point of an unsecured loan is that it is not tied to the property.

Kentishmanofkent

Hi,
I have recently agreed a full and final settlement with NRAM on my unsecured loan.
I sold my property and delinked the mortgage from the unsecured loan.
Due to my personal finances being dire, I then used a full and final settlement template letter from the national debt advice website, completed the relevant sections and posted it to NRAM.
My parents were willing to provide us with a settlement figure of approx. 25% of the amount due to NRAM.
NRAM contacted me within 4 weeks and we had to give them a full income and expenditure exercise.
NRAM were very helpful and finally agreed to our proposal and we settled for the amount we proposed.
The upside is that the difference was wiped off.
The downside is that my credit record will be marked down as "default", but I have a letter from NRAM stating that they will not pursue the debt any further and that this is a closed matter.
So it is possible to do.
I spent a long time researching this on the internet, particularly here and the national debt advice website.