NRAM Full and final settlement question

[SeasideSteve]

I owe cicra £15k to Heliodor for the unsecured part of an NRAM together mortgage. 

The account is in good health having always been paid on time.

 

I will soon have redundancy money along with some savings to payoff around £12k. 

 

Is it possible to make a full and final offer on a debt that isnt in arrears? 

[BankFodder]

What interest rate are you paying?

[dx100uk]

send them an sar first.

get all the info.

 

who says it's not seriously inflated by heeps of charges.

[SeasideSteve]

Good morning both and thank you for taking the time to reply,

 

BF, my loan is delinked and so the interest rate is circa 12.9%.

 

I have read up on the site about SAR and will follow the steps,

Im assuming that the timescales will be longer due to the lockdown.

 

Just one question, I have always paid ontime and the account is in a good state.

 

With this in mind, is the SAR likely to uncover anything useful? 

 

 

[dx100uk]

On 29/05/2020 at 18:26, dx100uk said:

who says it's not seriously inflated by heeps of charges.

 

^^^^

 

dx

 

[Peterbard]

At 12% I would pay it off, you will save a lot in interest and you will have the extra every week, which would have gone to your loan.

 

We had a similar decision to make last year, but chose the opposite course. Our mortgage was jut under 2% though and a three year Nationwide bond would give me 3.5%, so we put our money in there, for now.

 

Yes you can always do a early settlement, and they will refund your unpaid interest from the final bill. Ring them and ask for a settlement figure.

[SeasideSteve]

Ive worked out that I will save almost 50% paying it off early.

 

Ive submitted and SAR, playing the waiting game now. 

[SeasideSteve]

Good morning and hope you are all enjoying a happy friday.

 

After many letters, emails and phone calls, I have finally received a very large pile of a4 paper from heliodor  yesterday. They blame covid for the delays, but I would place a large bet that their customer service wasnt great before that!

 

I have 15 years worth of statements, letters but I think that the mortgage transaction lists are the place to start. Should I look for anything unusual in there?

[dx100uk]

yes 

look for repetitive fixed sum penalty fees 

like

letter/missed payment/failedDD/phonecall/arrears

 

they are all unlawful and reclaimable, or be used to reduce your F&F offer.