NRAM have sold my mortgage

Brock_and_Roll

I respectfully suggest you read the terms of your mortgage agreement.

Almost certainly they have the right to assign and/or novate your contract to whoever they like without your prior notification or consent.

This in no way will have any affect on what you are contractually obliged to pay. If you are on the SVR and the buyer of the mortgage changes the SVR then you obviously have right to take your business elsewhere.

DAVID_KIRBY wrote: »

I found out purely by accident 3 hours ago when I noticed a strange new direct debit to Tulip Mortgages!
I have just spent the most stressful 3 hours on the phone making call to NRAM, Engage, my solicitor all because these companies can do things without informing people beforehand! In my case my house sale due to complete in a week may be affected, nobody told me less than three weeks ago when I informed NRAM and asked for a redemption statement. I hope nobody else has to suffer the stress I am under now and the potential financial losses I might suffer. Someone Senior in NRAM knew this was happening, apparently letters have been posted all to bloody late. I have filed a complaint but doubt that will do any good because I don't have any clout!!!!

desmond2020

Reading the posts, people seem to forget your getting ripped off again and again here. The Northern Rock went bankrupt it walked away from its customers and debts, and past them over to another bank, we got stuck on hight interest rates and take for a ride, NIRAM wasnt any better a big waste of space as tax payers we paid twice for that show. Once as customers and again now as tax payers. I dont see any government handing me back any money from this sale. This new lot have free loans and lots of equity in peoples property hardly any risk and you try asking for a lower interest rate which we should be getting.
Just to read the terms and condations I didnt see anything in mine about what happens when you Banks is run by criminals who make it go bankrupt and then walk away yet you end up getting ripped of on high interest rates, and selling debt is only allowed if you part of the ciminal banking class. I have researched this and we can all sell on debt, in theroy, but as perople are not allowed its not something bankers and the government want us to control as it allows them to steal from us. Stay awake.

Thrugelmir

desmond2020 wrote: »

Reading the posts, people seem to forget your getting ripped off again and again here. The Northern Rock went bankrupt it walked away from its customers and debts, and past them over to another bank, we got stuck on hight interest rates and take for a ride, NIRAM wasnt any better a big waste of space as tax payers we paid twice for that show. Once as customers and again now as tax payers. I dont see any government handing me back any money from this sale. This new lot have free loans and lots of equity in peoples property hardly any risk and you try asking for a lower interest rate which we should be getting.
Just to read the terms and condations I didnt see anything in mine about what happens when you Banks is run by criminals who make it go bankrupt and then walk away yet you end up getting ripped of on high interest rates, and selling debt is only allowed if you part of the ciminal banking class. I have researched this and we can all sell on debt, in theroy, but as perople are not allowed its not something bankers and the government want us to control as it allows them to steal from us. Stay awake.

At least get your facts right. Northern Rock was nationalised. The taxpayers of the UK are underwriting the wind down of the banks assets. There's been nothing to stop any borrower remortgaging to another lender. Given it's been over 7 years now post nationalisation. There's been plenty of opportunity to do so. The costs are closing down an operation are considerable. So the interest rate you paying reflects this. Has been your choice to remain with Northern Rock all these years.

silvercar

If you feel wary of the new company, you could move your mortgage elsewhere.

keg1keg

Obviously if he could move he would move ! He is in a similar situation to many Nram customers whereby they are in negative equity so no one will lend to them.
Hate the snotty replies you get on here, puts you off asking advice or sounding off !

Thrugelmir

keg1keg wrote: »

Obviously if he could move he would move ! He is in a similar situation to many Nram customers whereby they are in negative equity so no one will lend to them.
Hate the snotty replies you get on here, puts you off asking advice or sounding off !

The real problem was NRAM's lending policy. In particular their together mortgage on an interest only basis. In today's market this product wouldn't be allowed to be sold.

Moving lender may only be a short term fix in ny event. As in time interest rates will again rise. Even NRAM's SVR is low by historical levels. Repaying the capital debt is the only way forward.

silvercar

keg1keg wrote: »

Obviously if he could move he would move ! He is in a similar situation to many Nram customers whereby they are in negative equity so no one will lend to them.
Hate the snotty replies you get on here, puts you off asking advice or sounding off !

Some people don't think about moving until something like this happens. They assume that a 25 yr mortgage term means sticking with your lender for that time. Until there is a concern that you payment may go up, people don't look elsewhere.

makemdano

Thrugelmir wrote: »

At least get your facts right. Northern Rock was nationalised. The taxpayers of the UK are underwriting the wind down of the banks assets. There's been nothing to stop any borrower remortgaging to another lender. Given it's been over 7 years now post nationalisation. There's been plenty of opportunity to do so. The costs are closing down an operation are considerable. So the interest rate you paying reflects this. Has been your choice to remain with Northern Rock all these years.

You should get your own facts right. Taxpayers pay tax; they don't choose to and they have absolutely no control over how the tax is "invested" (perhaps a modicum of influence at the ballot box but no more than that). Taxpayers did not underwrite UKAR, NRAM or Northern Rock. Underwriters get paid to underwrite, name one taxpayer who was paid to underwrite one of the organisations above. You are spouting the same to tosh that Robert Preston spouted back in September 2008.
Secondly Northern Rock wasn't wound down, it was sold at a knockdown price and now flourishes ( if you believe the hype) as Virgin Money (who uses a current account without full internet access??) The wind down you refer to applies only to NRAM/UKAR or whatever the name has changed to now

makemdano

[QUOTE=keg1keg;68459549
Hate the snotty replies you get on here, puts you off asking advice or sounding off ![/QUOTE]

Don't be put off, they're only doing this online because no one tolerates their attitude in person

Partridge89

makemdano wrote: »

You should get your own facts right. Taxpayers pay tax; they don't choose to and they have absolutely no control over how the tax is "invested" (perhaps a modicum of influence at the ballot box but no more than that). Taxpayers did not underwrite UKAR, NRAM or Northern Rock. Underwriters get paid to underwrite, name one taxpayer who was paid to underwrite one of the organisations above. You are spouting the same to tosh that Robert Preston spouted back in September 2008.
Secondly Northern Rock wasn't wound down, it was sold at a knockdown price and now flourishes ( if you believe the hype) as Virgin Money (who uses a current account without full internet access??) The wind down you refer to applies only to NRAM/UKAR or whatever the name has changed to now

Umm, all your facts are wrong, down to the year the NR thing happened. Northern Rock Plc (now Virgin Money) was spun off from NR in 2010, at which point the original NR company became NRAM which remains state-owned and became part of UKAR.