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NRAM and Bankruptcy question.
Sam_Arthur
Posts: 16 Forumite
I took out a Northern Rock together flexible mortgage in 2000 with an unsecured loan. I then sold the property and kept paying the unsecured loan.
I then bought another house with my wife, and we later got into financial difficulties.
NR then secured the original loan against my beneficial interest in the new property.
I eventually went bankrupt, but we kept the property as it was in negative equity.
Should the NR loan have been included in the bankruptcy?
I then bought another house with my wife, and we later got into financial difficulties.
NR then secured the original loan against my beneficial interest in the new property.
I eventually went bankrupt, but we kept the property as it was in negative equity.
Should the NR loan have been included in the bankruptcy?
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Comments
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Not if they secured it before your bankruptcy.
BBC WatchDog “if you are struggling with an unfair parking charge do get in touch”
Please then tell us here that you have done so.0 -
You need to talk to a specialist debt advisor about this
Talk to one of the organisations in my signiture.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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This does annoy me. NRAM offered together mortgages combining a secured mortgage with an unsecured loan. Offering generous loans that often left people struggling. When people sold up they hiked the interest rate on the unsecured loan which was seen as them taking a higher risk because there was no security for the loan. Then they looked to secure the loan, transferring an unsecured loan to a secured one and so reducing the risk without reducing the interest rate. The phrase 'having your cake and eating it comes to mind'.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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How could they legally move an unsecured loan to a secured loan without your permission?? Seems like they can't lose!!0
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