NRAM Full & Final Settlement?

Webbigail

Has anyone had success with a F&F with NRAM?


We have sold our property and paid off NRAM for the secured part of our loan. Leaving us with the unsecured part of the together mortgage.


Would they take a F&F offer to clear the loan? We could pay around half to clear it.


Am I in cloud cookoo land?

sourcrates

Webbigail wrote: »

Has anyone had success with a F&F with NRAM?


We have sold our property and paid off NRAM for the secured part of our loan. Leaving us with the unsecured part of the together mortgage.


Would they take a F&F offer to clear the loan? We could pay around half to clear it.


Am I in cloud cookoo land?

No experience personally, but I would say this old adage applies here, "don't ask, don't get".
Always worth asking what they would be prepared to take in settlement, most creditors will accept some sort of reduced offer, I`d get writing if I were you !!!

kazzy1977

We're in a very similar position, with about 3 or 4K to service an 11K delinked NRAM loan (left over from Together product). I'm going to fire off a F&F to them - we're not in arrears or anything so I'm not holding my breath but does no harm to try eh?


Even if it's a nae, the overpayment will reduce the term of your loan considerably and save you ££££ in interest. Good times

worriedmamma

How did you guys get on?

I've just offered a very small amount as a full and final settlement to NRAM, however it's that or bankruptcy, I'm wondering if they'll take it as the other option is them getting next to nothing....

I also had a together mortgage and sold at negative equity and was left with about £29k of unsecured debt which is now £23k I found out today!

worriedmamma

Hi!

I'll update on here when they give me a decision.

I sold for less than my mortgage. I borrowed £125,000 which was part unsecured loan and part mortgage. I never remember this even being broken down to me when I got the mortgage. I sold for £104,000, and NRAM agreed that the solicitors fees etc could be taken from the sale proceeds so ended up owing them around £27,000 when we left. I'm not sure exactly how much the unsecured loan was initially, I'll have a dig through my paperwork if it'll help?

Good luck, the way I look at it they can only say no. They mis-sold many mortgages and caused a lot of debt I think, so I'm sure they know people have been struggling to pay these debts off. My mortgage was taken on a property with a low lease, which again was never highlighted to me as a problem. Which is why it was downvalued for sale, that and the market at the time. I bought in peak price time of 2007 and sold in 2011!

worriedmamma

La_escocesa wrote: »

Hi worriedmamma,

I'd be interested to hear how you get on.

Did you sell for less than your mortgage or did the sale cover the mortgage and just leave you with the £29k of unsecured debt?

I was just thinking about trying to pay off the unsecured loan part of my together mortgage today.

Hi, I've found my paperwork and my mortgage amount was £111,000 and the loan about £12,000 and I ended up with £29k unsecured so they let me sell and remove the charge and transfer some of the loan to the unsecured.

They declined my offer for the F&F so I'm just filling out my bankruptcy application now.