Hi

Last year I separated from my husband,

as a joint debt we had an unsecured loan of £30k from NRAM which we had for years,

my ex then decided to go bankrupt leaving me liable for the loan.

I paid my half of the monthly amount due for a few months and then just couldn't continue to pay anymore.

I wrote to them in December 2016 offering them a full and final settlement figure, which they ignored (this was quite low).

The first time I have heard from them since me contacting them in December 2016 was last month they wrote to me to say I still owe £28k.

(even though through interest this has been paid back and more!)

They are now threatening:

*instructing a field agent to review my position

*Debt collectors

*CCJ

*Bankruptcy

They have given a time limit for me to get in touch with them.

I don't know what to do,

I haven't paid in over 1 year now,

I live in rented accommodation,

I don't own any assets,

I have a limited company

am worried if they do make me bankrupt then I wont be able to carry on with this.

Do I offer them again a full and final settlement offer?

I don't have any savings

I would be offering this via a third party.

Has anyone been sent a similar letter?

Does anyone know of NRAM accepting and Full and Final settlement offer?

I've heard that when a company sells a debt its usually at 20% - 25% of the amount, is this correct?

Should I offer at this % of the balance?

As I don't want for it to be rejected again.

Any advice gratefully appreciated.

Thanks

When did you take out the original ? ( year/approx month)

Was this part of the Northern Rock scheme they ran where this unsecured loan was on top of a mortgage ?

The letter received is just a standard chaser with options.

Full & Final settlements are normally accepted only where it is the only option of the creditor getting paid much, rather than very small payments over years. A relative of mine, paid off a mortgage debt of about £30k for a F&F of about £2k. It wasn't Northern Rock.

Is this the only debt you have ?

Don't go making any offers at the moment, until you have looked at options.

I took this out in 2007, we also had a mortgage with them at the time.

The house was sold a couple of years later and we were still left with paying the unsecured loan with a much higher rate of interest.

I do have a credit card which has about £2000 but this is interest free so when chipping away at this its going down.

What options should I look at?

Before or after 6th April 2007 ? This is important as it relates changes to the consumer credit act effective from that date. If it was after this date, then the debt is quite easily enforceable in a court, as they don't need to provide an original copy of the consumer credit agreement you signed.

At this moment in time, i think you should send NRAM a Data Protection Subject Access Request asking for copies of everything on the mortgage file and everything on the unsecured loan file. Also specifically request copies of statements of account, copies of all documents they issued and system notes. If you click on the Subject access request auto link there is a letter, which you can amend to suit.

In regard to paying the debt at the moment, if you don't have sufficient income to meet the regular payments required and would be in financial hardship if you attempted to do so, then you might wish to reply to NRAM stating your position in writing ( without admitting to owing the debt) . Tell them that you are seeking financial/debt advice due to your current financial situation and understand that under FCA rules they are required to allow 30 days for advice to be sought, before they can recommence communications. Ask them to confirm in writing that they will put matters on hold to allow time for the advice to be obtained.

If you do those two things now, then it should give you a month to look at options. It will take NRAM a month approx to send you the SAR info back.

At some point, you could contact Stepchange the debt charity and run through your finances in a confidential way. Then they can assess what options you have and you can consider best way forward.

Thank you.

I believe it was July.

But I will send a letter requesting this.

Friday I received a letter from DMS.

Informing me they have been instructed by NRAM limited to meet with me to discuss any problems I may have with the account.

Is this usual practice

As the letter from NRAM said I had 60days to respond before any action would be taken.

It looks like they have already passed it on?

DMS probably want to visit you where they will try to encourage you to sign up to a payment arrangement.

Suggest you write back to DMS saying that you are already in contact with NRAM and will not be discussing anything with them, while issues are outstanding with NRAM.

who's DMS?

you sure this has not been sold on?

stuff the silly field agent wanting to add £100 for doing nothing...

is this debt on your credit file?

who's shown as the owner?

if its DMS mortgage ltd then they are a bunch of fleecers that buy up unenforceable old secured loans and spoof people blind.

can we see the letter please

scan it up to PDF following upload

This is the letter received.

I hope it hasn't been passed on as they did say I had 60 days to respond.

SKM_C364e17103009400.pdf

I would still do as suggested. Just write to this person at DMS saying that you currently in contact with NRAM about this and also seeking financial/debt advice. Therefore under FCA rules they are required to allow a period of at least 30 days, while advice is obtained.

Thank you Unclebulgaria67, I will be positing the subject access request letter today to NRAM recorded delivery. I will also do as you suggested which is send a letter to NRAM informing them I am seeking financial / debt advice.

ignore DMS

they are a DCA in sheeps clothing

they are not bailiffs and have zero legal powers.

Thanks dx100uk

Just to warn you that i can remember seeing reports from others in your situation receiving a letter from DMS saying they would make personal visit on x date and they turned up.

The £100 fee dx talked about was added to the debt.

Obviously dubious as to whether they can add such fees.

Hence why i advised to write to DMS, if you are in the process of contacting NRAM.

Otherwise you might have someone turn up at your house expecting to discuss the debt.

then he tells nram that not some powerless dirty mac doorstepper

Hi

just to update you I sent the subject access request to NRAM.

Also a couple of days ago I received another letter from DMS,

it was hand delivered

and it said over the last few days I have visited your home twice

and on both occasions have left a letter, which is a lie.

It said if they don't hear from me within 24 hours

I shall have no alternative but to assume that I don't want to discuss

and he is returning a report to NRAM without my input.

What sort of thing could he report on?

The next day I also received a letter back from NRAM which said and I quote word for word

"We have been unable to your signature from the letter of authority against our records"

I know they want to see my true signature they have asked for a signed document such as passport or driving licence.

the also sent the £10.00 postal order back along with a copy of the letter I sent them.

Any advice on any of this please?

Thanks

ignore DMS

have you moved since you took out the NRAM Loan?

Yes about 3 times.

It is normal for a DSAR to be rejected, if they can't identify you. So if you want the NRAM info, then resubmit with a photocopy of any identity doc.

did you send a copy of your CTAX bill as the SAR thread advises?

dx

Hi

I've now received the paperwork.

The paperwork shows agreement date of May 2007.

Really not sure what to do now

I haven't had any contact from them but I know it's coming.

I really want to to go for a final settlement order.

Any suggestions?

Thanks

It might be worth going through all of the payments you ever made and see how much it adds up to. And how much of it is interest.

How much in charges has been added etc.

There are excel spreadsheet calculators around and I seem to remember this being linked to in threads.

If not start writing down lists.

Reason I suggest this is your orginal comment, that you have more than paid this loan, yet the balance is not much less than the loan originally taken out.

Perhaps ypu might spot an error amd/or have a complaint you can make about excess charges.

Too early to be thinking about a reduced full and final payment offer !

Thank you I'm going to do this today.

I know it's quite broad but what sort of mistakes could there be?

Issues with payments, charges and interest applied.

Until you start looking with a fine tooth comb, difficult to say.

Perhaps there will be no errors.

But I would be checking.

you say in post one about when a company sells a debt etc

is this nram chasing?

and was there mortgage too that's been settled?

NRAM sent a field agent out DMP.

Who apparently has reported back to NRAM but I haven't heard anymore than that.

NRAM have sent me all SAR info now.

When the house was sold years ago that was all settled and it was just the unsecured loan which was still outstanding with them.