Help with NRAM really appreciated.

pocketnurse

Would be so grateful for any advice.
Took out a together mortgage with Norther Rock in 2006 with a loan attached for £30000. Sold the house in 2008 and cleared the mortgage but left with the loan which then had the interest rate put up to 12.79%. Hubby and I now divorced with him moving to USA and three months ago he stopped making a contribution for his "share" of the monthly repayment. Contacted N Rock now NRAM who as usual are totally unhelpful, unsympathetic and not in the least interested (yes I know we are both jointly and severally responsible but I am faced with paying this back on my own as they won't chase him). I have made the payments and not defaulted.
On asking for a settlement figure the balance outstanding is still £26974.00 despite paying it off for the last 9 and a half years. As I have another 15 years to go paying £323 a month the figures don't seem to add up even with the rate at 12.79%. I am no mathematics genius but can this be correct? Any help will be so very much appreciated as I am losing sleep over this.

Best wishes
PN

Gaz83

What was the APR before the change to 12.7%, and what was the balance when it changed?

If your balance is currently £26974, then the interest alone on this every month is £289.97. You're only paying £33.03 to the capital every month, and it's going to take another 18 years to clear, not 15.

pocketnurse

I think the APR before the hike was around 4.8 roughly the same as the mortgage and I think the balance was pretty much 30000 when the rate went up too. I was never happy taking on this mortgage but my then husband left the Forces suddenly and we had no savings. He got us in to so much debt that we needed the loan to pay for the deposit and clear the original debt.
What really !!!!es me off is that he is earning a fortune in the States and can walk away from his responsibility for this mess and I am left to clear it up. I am currently in private rented accomodation which costs as much as a mortgage probably would every month but because of this debt I am going to be stuck paying some one else's mortgage for them forever.
I know it's my fault but there is just no help anywhere. Bankruptcy isn't an option because as a nurse it would be frowned upon and I would lose my registration.

TrickyDicky101

Have you tried approaching a charity like StepChange? They can go through your options with you.

I know it is frustrating, but it isn't Northern Rock's (NRAM's) fault.

crossroad

Hi, i am new here. I advice you contact step change as they are very good in helping out with these issues.

Secondly, you might want to check your statements. I know NRAM had to repay its customers who took out loan with their mortgage as they didn't follow the Consumer credit act. - that may reduce the balance slightly. We got some money and interest back on the Loan.

Lastly, is the loan in joint names? since you are divorced, am not sure if you liable for husband's part of the payments. You might want to contact credit expert and separate your financial records.

pocketnurse

I realise it's not Northern Rocks fault but that really doesn't help right now. What is Northern Rocks fault is their pretty poor attitude of shrugging their shoulders and refusing to make any contact with my ex husband. Hindsight is a wonderful thing but currently it's not putting food in my fridge. Sometimes a little sympathy is quite welcomed.

pocketnurse

Thank you all for your replies it is very much appreciated.

Thrugelmir

pocketnurse wrote: »

Contacted N Rock now NRAM who as usual are totally unhelpful, unsympathetic and not in the least interested

As difficult as it is you need to accept it's not their problem. When you divorced how did you deal with the debt owing to NRAM in the financial consent order.

pocketnurse

There wasn't a financial consent order as such. We agreed to continue paying our share each! My ex husband has decided to stop paying because I have asked the US child support agency to intervene for child maintenance. I found out he was earning £95k a year and he was continuing to pay pittance for our youngest daughter. As a result he now has to pay substantially more than he did so as a punishment to me he has stopped contributing to the joint loan. Basically for the last two years that he has been working in the States he has got out of paying £12k child support as the authorities there cannot back date the payments. He had refused to give me any details of his address or contact details (shocking as we have two children) however I have managed to track him down so I do have an address. NRam will not update the address details I have provided them with due to the data protection act so basically he can wash his hands of all responsibility. With reference to the credit control act or whatever it was as the loan was taken out prior to 2008 we don't qualify for any kind of out. I think I am well and truly stuffed.

Thrugelmir

In the short term is it possible to increase the repayments at all. Reducing the capital balance owed will reduce the interest you are paying. Appreciate that this isn't won't be easy. But will be of benefit in the longer term.

ladymarmalade222

Hi Pocket Nurse

Are you really sure you would lose your registration? I have heard that creditors can complain to the nursing register but it is very rare they do I believe.

Another option is a DMP where you could possibly get the interest frozen. Step change is your best option but I would do some more research as it might just be hearsay regarding your registration and you could have a clean slate.

Good luck

Xx