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Nram

edited 30 November -1 at 12:00AM in Mortgages & Endowments
1 reply 254 views
mijesan1mijesan1 Forumite
2 posts
edited 30 November -1 at 12:00AM in Mortgages & Endowments
Hello,


In 2004, I had 2 buy-to-let mortgages with Nothern Rock and the properties were taken back by the bank.


It was eventually sold. Now, 15 years later, NRAM is writing to me saying that I am liable for some shortfall.



I have not heard from them since 2005, and all of a sudden, these letters started to appear.



As fas as I know, they cannot ask me for funds after so many years.


I need help because I need them to give me a letter stating that the debt is no longer my responsibility.


Can anyone help me with the course of action I can take.



Thank you very much.

Replies

  • Lover_of_LycraLover_of_Lycra Forumite
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    mijesan1 wrote: »
    Hello,


    In 2004, I had 2 buy-to-let mortgages with Nothern Rock and the properties were taken back by the bank.


    It was eventually sold. Now, 15 years later, NRAM is writing to me saying that I am liable for some shortfall.



    I have not heard from them since 2005, and all of a sudden, these letters started to appear.



    As fas as I know, they cannot ask me for funds after so many years.


    I need help because I need them to give me a letter stating that the debt is no longer my responsibility.


    Can anyone help me with the course of action I can take.



    Thank you very much.

    If it is capital you owe then the lender has 12 years to pursue you for the money and just 6 years for the interest. You need to be clear about when the clock started. You mention 2004, is that when you first took out the mortgage or when the properties were repossessed by NRAM?

    https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx
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