NRAM Probems

minxymike

hello


I am a bit confused as to my options and was hoping someone could clear the wood from the trees.


I have a mortgage with NRAM ( its the together one) and the house is worth about 100k - mtg 94k but unsecured 24k. I am on about 4.7% and have been for ever my contracted payment is 554 but I have been paying 600 for a few years now ( even when everyone elses went down to 2.5%


We got into difficulty nearly 5 years ago with debt ( he was a prolific spender) so we missed 2/3 payments on the mortgage - I got it capitalised though and have never missed a payment since - I got a budget, worked it out and paid down as much of our debt (we had 60k over the together) .
I now owe 3500 to a loan (405 pm)- finishes in January 17 and 4k on credit cards (approx. 200pm). ( only from last 6 months really as my income dropped ( I am self employed). but got a good contract due so can drop this hopefully fast.


My husband left me in september, he is not contributing anything at all, all the debt and house in in joint names but due to my job I can not go under or IVA/DMP Etc.


I cannot afford the house and all of my bills on my income so I have moved into my mams to get myself sorted - I have got consent to let from NRAM today and a tenant moving in- who will pay £515 per month and I will put the rest to it to keep the payments up but it will save me ctax, gas, elec, etc so I know its for the best (short term pain etc) but its so hard.


NRAM are charging me £750 for a years CTL! I said I don't have it but they said I can add it to mortgage with interest- we have done an I& E which shows I am in difficulty but with mam helping a bit and a bit of extra income I am meeting the mortgage payments each month - however I know I am going to struggle. the problem I have is they said they may not allow this CTL to continue past 12 months and if they do they will charge another 750 on the anniversary so now my balance will be going up not down -


I am trapped as if I sell the house I have to pay the unsecured back at 12.7% over 16 years which they said is 54336! ( EX Hubby wont help) and 300 per month where as if the house goes up it will eat into the debt much quicker. so I can sell at a later date - if they say I cant get CTL again- do I have to move back in? - although a lot of my debt will be gone by then I don't know if I want to live in my home on my own - its a lot for one person to pay. I know they wont move me onto BTL - I cant sell and I cant go under - what do I do - why wont they me consent to let for longer - why so expensive - don't they want it paid down - I don't know what to do how do I get out of this - do I just have to keep paying for ever - they wont give me a break - and no one else will take on a mortgage of 95% - is there another way out - I just want it all to stop before I break down in tears again

Thrugelmir

Why can't you go "under" ? Sometimes you have create a break yourself. As is ones own problem to resolve. Not saying it's easy either.

National_Debtline

Hi minxymike

minxymike wrote: »

My husband left me in september, he is not contributing anything at all, all the debt and house in in joint names but due to my job I can not go under or IVA/DMP Etc.

Do you mind me asking on what basis your job does not allow you to pursue an IVA, or even an informal arrangement like a DMP which does not appear on any publicly viewable registers? Is it really in the interests of your employer for its staff to be saddled with unmanageable debts and no scope for relief? That sounds to me like a recipe for a very unhappy and thereby less productive employee.


What I am saying is that you need to establish very definitively whether those employment restrictions are quite as tight as you make out. Your post does not indicate that anyone benefits greatly from your being tied in to the NRAM mortgage, least of all you.


Dennis
@natdebtline

minxymike

hi - I work for a fca regulated firm - I cannot go under - I would not be fit and proper, I am a pensions specialist - I have come so far cleared 50k of debt off and will be free by Christmas - its just the house now that is the stress - at Christmas I am 405 better off a month so I will start to pay down on the unsecured to drop this as much as I can I suppose my biggest worry is if they don't let me continue to consent to let next year - I would be happy letting that continue I live with my mam and it brings the mortgage down as well over the years until I am in a position to sell

Thrugelmir

I fully understand your predicament. So no decision gives any easy answer. Your best option would appear to be to sell the house and move in with your mother. Then tackle the remaining debt head on. With your loan ending in January then there's some more cash freed up with which to pay the NRAM loan.

chelseablue

Shouldn't your ex hub be contributing if its in joint names?


I bet he'd be there like a shot if you sold and there was any profit to be had