Help please secured loan on mortgage now due!!

ruthb1

hi,

I Would really appreciate some help in a very difficult situation.

A little bit of background first. we Have a NRAM mortgage with was originally on repayment which was took out on 2005, subsequently we borrowed and borrowed in the height of borrowing and our mortgage as of today is 167,000. one of the loans which we thought was to run to the term of the mortgage apparently has matured in December 2016 and hey want £11000 now.

In 2006 my partner suffered 2 heart attacks within 4 months of each other and subsequently went to half pay and we started to fall into arrears on other bills so I contacted nram and switched to interest only. finally as we thought we were getting somewhere the financial crisis hit us in 2008 and NRAM eventually were owned by the government and not regulated and so we plodded on by which time arrears on other debts were mounting upon me as I tried to take control as I didn't want my partner to suffer any more stress due to his heart but eventually I went into meltdown and suffered a breakdown . it took me a few years to get back on my feet and then I was made redundant in 2011 .Nram however were always paid.

in 2013 my partner was diagnosed bowel cancer and again went to half pay.

In 2015 I was diagnosed with PTSD And GAD (generalised anxiety disorder.

so the top and bottom of all this is we have been contacted by NRAM as £11,000 is now due.

because of problems in the past and me burying my head in the sand I have ended up with CCJs 2 have been settled one for £1000 and another for £8000 but I have another which I need to pay.

my partner has a good job and I work part time, he is involved with a credit union through his work and he applied for a loan with them of £10,000 to clear the debt as he has £1700 in savings with them which they declined.

Nram are saying that they want the full amount an no negotiation, sell or re-possession and they cant extend mortgage as not regulated

credit union today have advised that just by making an offer they have to accept? they said that a law was implemented a few years ago that they have to accept this but I cannot find this anywhere.

I need to find this information out ASAP

any help please


thanks

silvercar

What is the property worth?

Is one option to sell and downsize?

foxy-stoat

ruthb1 wrote: »

credit union today have advised that just by making an offer they have to accept? they said that a law was implemented a few years ago that they have to accept this but I cannot find this anywhere.

You are better off speaking to a debt charity instead of a union, but ask the credit union rep for this law.

I would get an upto date valuation of your property and see if there are any properties nearby that are smaller and cheaper as you will have to sell up at some point - as you say the loan matured in Dec'16 you have a few months to make arrangements.