NRAM

howdidithappen

Hi. 

My flat was repossessed about 13 years ago due to a divorce. NRAM sold the flat for a shortfall which turned into an u secured load. My ex doesn’t pay on it.  But I pay a token amount as it was £69k and I don’t have that kind of money. It’s now approx £58k. I’m still paying a token amount. But I’ve not had any correspondence from NRAM since May 2020 when they were updating systems.  Do you think they have lost me in the system and I can stop paying. Wishful thinking I know!  But don’t want to start getting harassed by them again. Also is there a point they will right it off. As clearly I’m paying so little to the overal shortfall they left me with for selling it short. If not will carry on paying the token amount as will never pay it off.  Thanks. 

silvercar

How is this effecting your credit rating? and would stopping payments have any effect? 

sourcrates

Mortgage shortfall debts tend to be quite large amounts of money, and as such are not usually subject to the intense collection activity that smaller debts tend to be subject too.

If there is no realistic way you will ever settle this debt, then making token payments is not a good long term strategy, realistically these debt purchasing companies know you won`t have access to funds to ever repay this, and if regular payments are unaffordable you should stop paying, if they write to you, write back explaining the debt is unaffordable, and it will never be repaid.

Include a copy of your budget to show this, chances are they will accept that, what other choice do they have ?
taking legal action won`t improve their situation one bit, it would be a waste of more money, as they know you have no realistic way of ever repaying it.

Affordability is everything these days, they will most likely stop chasing it and you won`t hear from them again.

beanielou

Spot on answer  from @sourcrates.