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Non Regulated loans?

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  • Non Regulated loans?

    Hi

    How are non regulated loans enforced?

    I have an unsecured loan that was originally part of a NRAM Together mortgage, the original loan amount was over £25K but less than £30K. The mortgage has been settled but the loan is in my DMP with interest and charges frozen.

    I have been having some issues with NRAM and am wondering if/how they can enforce a non regulated loan?i have an agreement in place and am paying as agreed.

    Can someone explain the process to me please?

    thanks in advance
    Tags: None

  • #2
    Re: Non Regulated loans?

    You say the 'delinked' unsecured loan which was part of your Northern Rock Together mortgage is in your DMP but if it was a joint loan then the other party will be jointly liable.

    I've seen your other thread and there's a suggestion that this mortgage/loan related to your ex-husband (is that correct?) so when you divorced what was there a financial settlement (court order)?

    Does you ex-husband have any money?

    Finally did you take out the NRAM Together mortgage through a broker or direct with Northern Rock?

    Who "advised" you to take out the mortgage/unsecured loan may be relevant.

    Di

    Comment


    • #3
      Re: Non Regulated loans?

      Originally posted by Landmarknightmare View Post
      I have been having some issues with NRAM and am wondering if/how they can enforce a non regulated loan?i have an agreement in place and am paying as agreed.
      What sort of issues?

      Have you made a Formal Complaint to NRAM (Landmark) and if so have they told you whether you can or can't refer your complaint to the Financial Ombudsman Service to decide the matter?

      Was there PPI on the mortgage or unsecured loan?

      Di

      Comment


      • #4
        Re: Non Regulated loans?

        One more thing

        Send a Subject Access Request to NRAM/Landmark to get the full history of this account.

        The response may prove illuminating

        Do it now while you're 'under the radar' to make sure that they don't leave anything out. Once you start to make a noise some creditors can be a bit 'selective' in what they disclose.

        Im not suggesting that NRAM would sanitise the file but others do.

        Gather your evidence discreetly before you pounce.

        Has there been any threat of legal proceedings?

        Di

        Comment


        • #5
          Re: Non Regulated loans?

          Hi Di

          Thank you for taking the time to respond to my post

          I have responded below to each of your questions:

          Correct the de-linked loan is with my ex husband and is joint liability. However, NRAM never pursued him for any money an were happy to accept my offer of £5 a month. He did make periodical payments but this was never part of the agreement.

          When we divorced we did a clean break with a consent order regarding the house. I retained the house paying the mortgage and we agreed I would be liable for only 1/3 of the secured loan.

          I have asked him if he has any money to try and negotiate with NRAM a F & F settlement but he apparently has nothing. We are now paying £200 a month between us to try to clear the loan.

          I cannot remember if we used a broker, I think we may have but I have no idea who it was.

          Stupidly - we needed a bigger house and NRAM gave us what we needed in order to get it. There was nothing more to it that that!

          Comment


          • #6
            Re: Non Regulated loans?

            The account was in serious arrears of 6+ months since early 2010, along with the mortgage. I h a repossession order issued in 2012 however managed to sort things out and stay in the house.
            NRAM have never showed this account as a default on my credit file. They were showing as late payment 6+ months i felt this was an unfair representation of my situation. I asked them when they defaulted the account and they informed me Feb 2010. I asked them to update my credit file with the default date of Feb 2010. they agreed to do this. However, they then refused and defaulted it as May 2017. This is completely ridiculous as the account has been in a DMP since 2010.

            i made a complaint to them they couldn't careless and told me there was nothing they could do and to go to the Ombudsmen. I have raised it with the Ombudsmen but am now worried they may try further legal action as they don't like to be challenged.

            i don't know if there was PPI on there not as far as I know.

            Comment


            • #7
              Re: Non Regulated loans?

              So your complaint to the FOS is still in progress?

              I would send a Subject Access Request to NRAM to get the full history. That way you'll discover whether there was PPI and how the loan began (using an intermediary/broker) etc.

              If you have a complaint currently being investigated by the ombudsman (and you've stuck to your agreed payment plan) then they shouldn't start legal proceedings.

              If you need a link to this forum's SAR template letter then just ask

              Di

              Comment


              • #8
                Re: Non Regulated loans?

                Thanks Di

                I submitted the SAR today

                I am waiting the outcome from FOS. I will keep you posted

                Comment


                • #9
                  Re: Non Regulated loans?

                  Originally posted by Landmarknightmare View Post
                  Thanks Di

                  I submitted the SAR today

                  I am waiting the outcome from FOS
                  Me too

                  Di

                  Comment

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