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NRAM advice needed

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Hi

 

I've got an large outstanding balance (£25,000+) with NRAM that I am now being chased for.

 

It is for the unsecured part for the dodgy Together mortgage, the house was sold Feb 2008 so the paperwork I signed will be a CCA that is post 2007. I was paying up till July 2012, however I was overpaying the so there was a surplus that serviced the debt was until May 2013 (first missed payment according to Noodle).

 

Got the first letter from them today, really surprised it has taken them this long.

 

Wondering what to do next? I can offer to pay something and ironically if I pay them what my minimum payment was set at (not the overpayment rate I was paying). I will pay off the outstanding amount 6 years earlier than if I had just payed them normally without the risk of interest rates going up impacting the balance.

 

I would also assume from credit reference file point of view, that once the default has dropped off on that account it would also look like a normal loan that is being payed by then there would have been 12 months of payment history.

 

The letter is very tame and states it has now been passed to Loss Recoveries and no interest or charges will be applied if I make payments or I keep them informed.

 

The letter also states they may consider passing on to a 3rd party DCA etc, etc.

 

I knew this was coming and thankfully I'm in a position now where I can do something about it. BUT they screwed me over when I went for an IVA back in 2006 and a lot of the financial problems I had would have been done and dusted by the end of 2012.

 

I've seen about claiming about charges and fees and if this can get the balance down a bit then I will take that as a win.

 

Also does anyone know what it is like to deal with them compared to the other DCA's?

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Not suggesting debt avoidance, but just pointing out that if your last payment was July 2012, that an unsecured loan would become statute barred due to limitations act, sometime during Summer/Autumn 2018. Then you could defend any court claim on that basis.

 

If you pay after sorting out any issues with charges and fees before the debt becomes statute barred, then you are commiting yourself to repayment over the relevant period.

 

Even if NRAM pass to a DCA, it might be some time before they contact you and they might not realise the last payment date is coming up to being 6 years ago so statute barred.

 

Remember that there are huge volumes of debts being chased at any one time.

 

What incentive will NRAM provide to clear this debt e.g reduced settlement.


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My understanding is because I had built up a reserve pot of cash by overpaying that pot continued to service the debt for the next 7-8 months, so my first missed payment was May 2013. I'm hoping your view is the correct one as obviously I about 10 months away from that.

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My understanding is because I had built up a reserve pot of cash by overpaying that pot continued to service the debt for the next 7-8 months, so my first missed payment was May 2013. I'm hoping your view is the correct one as obviously I about 10 months away from that.

 

Only way you would find out, is by getting hold of statements to see whether they applied the pot to service the contractural payments due. And did the terms of the loan allow them to use the overpayment pot in this way.

 

Did you get a default notice and if so what did this show ?


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sar time me thinks.

 

I bet 99% of the loan and the mortgage was unlawful insurances and charges.

 

as you sold the property the loan is no longer secured.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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the other thing to consider is that they are saying that by not sticking to the agreement the whole sum becomes due as of the default date (true)

but that also means that your previous payments were a variation of the original agreement in such a way that it cannot be said that those terms actually applied to the loan.

 

This means that they cant store money in a separate pot and then drip feed it into the loan account,

you didnt authorise this, it was a debt, not a savings account.

 

As for passing the debt on to a dca, that would be the best news ever as far as you are concerned as it would just waste time, something they dont have a lot of in the grand scheme of things

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Thanks, going to do some reading up over the weekend.

 

Is worthwhile waiting till it does go to a DCA, then going down the SAR route? If I SAR now I am just confirming my address and that I am actually here, might by me a few more weeks or months.

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bad idea hiding on any debt!

if you've not confirmed in writing to any listed creditor or debt buyer that you've moved

i'e officially told them where you live now

 

you run the very big risk of a backdoor ccj.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Okay understood I was not trying to hide but maybe stall the process by a month or two (if they get no response then they will probably then go to a DCA), I've been at my current address for well over 3 years so it's not like I'm moving about avoiding people.

 

Regarding default notice etc I don't recall ever getting one, was living outside of the UK at that time but I had my mail forwarded for 2 years and I don't ever recall seeing one (not to say one did not get lost in the post).

 

I will go down the SAR route and take it from there, getting a CCJ is the thing I need to avoid as it will probably mean I have to resign from my job and nobody will win anything after that.

 

So my game plan is to SAR, check what the legal position I am in regarding the CCA (if they have one and if it's enforceable but I doubt I'm that lucky) and where that leaves me regarding the overpayments that have been used or the fees and charges that have been added.

 

Then try to negotiate a final revised figure and try to pay that off over X years without it impacting to much on my monthly outgoings. I think that's the best I can hope for and TBH if I got a decent lump knocked off the outstanding figure, knowing the default will drop off my file in less than 2 years I would take that option right now.

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Can anybody share any info/advice/written statement I can use (by that I mean plagiarise) to send back to NRAM acknowledging the receipt of their letter that I am will be contact in due course (this also confirms my address)

 

once I receive all documents from the SAR and had some time to review their contents.

Whilst also stating I do not acknowledge the alleged debt is mine at this time?

 

Also am I right in assuming I will get a copies of my CCA as part of the SAR, or is it wise to bang in a separate CCA request now.

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No idea what letter you are seeking. The SAR is seperate to any debt collection process. The CCA copy may or may not come back with such a request. It is usually a data dump, not every document they issued.

 

The CCA request is a statutory request and does affect debt enforceability until they can provide a copy. For a pre April 2007, they need a copy of the original CCA you signed, if you defended any court claim.

 

Suggest that you just send off the SAR to the NRAM head office marked for the attention of Data Protection Officer.

 

If you send the CCA request now you are giving them potentially ages to go down into the vaults trying to find out. Are you sure you need to do this now ?


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just send the sar.

kills two birds..


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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I will hold off the CCA and that was my gut feeling anyway, I was just making sure that by going down the SAR route it does not accidently reset the SB clock.

 

Quick question regarding a CCA pre April 2007, is it the actual printed T's n C's on the actual copy that is different?

 

Or is it just if the CCA was signed after April 2007, so the same CCA document signed March 2007 is governed by different criteria than the exact same document signed May 2007?

 

In my case all the paperwork was signed around Feb 2008 so probably no use to me.

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reconstructed agreement were allowed after


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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SAR is your legal entitlement to access your data, that is all.

 

The April 2007 issue is in regard to when the consumer credit act change came in. The Banks basically were caught with rubbish records system and people were defending court claims based on an original CCA copy not being available. The legislation stops accounts issued from April 2007 onwards using the defence of no copy of the original CCA being available.


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SAR went out a few days ago

 

Received another nice letter from NRAM, stating I have three options.

 

1. Arrange a payment plan.

2. Lump sum for full and final settlement (anybody got an idea of what sort of percentage they are after).

3. Regular or irregular payments, even if the amount is nominal.

 

Will be back once I get the SAR, it's a bit squeaky bum time due to the amount but I am trying my best to keep my nerve.

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The SAR has been returned to me stating that they are unable to verify my signature from the letter of authority against their records.

 

They are asking signed documentation, am I right in think a scan of my driving license should be okay? as the letter does not state copies will be okay.

 

Also is uncrossed PO okay for payment as different SAR request to Santander has also just been returned stating the cheque was unsigned/incorrectly completed.

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you don't sign a PO

maybe put their name on it is all they want but its simply twaddle to delay things.

 

as for the differing signature issues

if you wish you can scan passport or DL.

 

if you've moved

id put in a ctax copy too


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Cheers dx100uk, I did include an additional sheet of paper listing all my previous addresses.

 

Will add Santander and NRAM's names to their respective PO's and also include a scan/print of my driving license and council tax bill in each SAR.

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which you didn't do 1st time? [CTAX]


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Update SAR went out last week as per dx100uk instructions.

 

I got another nice letter from them yestereday, saying they still have not heard anything etc

 

They intend to monitor my account while they determine what future action to take to recover the debt owed.

If I don't provide an update or make payments towards my debt they may instruct a DCA to collect etc etc.

 

Then the list the usual stuff about it being reflected on my CF and how it may affect me getting credit it the future.

 

As I said a very tame latter compared to some of the DCA letters I have seen over the years.

 

Here are my questions.

 

1. Are they just fishing at the moment? As I have never received any statements etc from NRAM and I have been living at this address for 4 years next spring.

 

2. If I have never received any statements and I'm also pretty sure I've never seen an official default notice (but can't prove that as living abroad and mail does get lost when redirected) does that strengthen my case or help me at all when this kicks up a gear?

 

3. Once I get the SAR back and it is clear they can enforce the debt, do I then approach them to discuss payment plans.

 

The one thing I have to avoid is a CCJ and obviously the sum is large, what I'm worried about is things escalating before I get the SAR back and have had time to digest the information. Obviously don't want to admit to anything in writing.

 

Any advice right now would be great as I am starting to sweat about this one due to the sum involved

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never seen an NRAM CCJ ..

they'll flog it on.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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they will pass it on to a dca.

 

The dca will have as much power over this matter as my cat.

 

They are uninterested third parties.

 

I doubt if the debt will get sold on, far too complicated a background

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Just received this today, still no sign of the SAR (although they have approx 20 days left).

 

What's your thoughts, as per my thread I can't take the risk on this one so do I make a monthly payment offer?

 

I've done the maths and if I divide the total over 15 years, which is when the original loan would have finished the payments are actually a bit less than the minimum payment value I was originally paying (but with no interest)

 

Also if I do start paying them will I then at a later date be able to reclaim any charges etc to try and get the total balance reduced?

NRAM letter threat 1.pdf

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left your name on it.

 

I've hidden it


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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