NRAM Considering IVA for unsecured element

[davyatsea]

Re: NRAM Considering IVA for unsecured element

I think we might be onto something here with NRAM. If I had been able to port the mortgage, I probably would have

[pt2537]

Re: NRAM Considering IVA for unsecured element

So the interest rate almost trebled on the unsecured loan when the secured loan was paid off

Di

Unfortunately that is how the together scheme worked. While the two were in tandem then the rates were lower, once the mortgage came to an end then the loan part becomes subject to the standard NRAM rates.

Sadly, case law isnt helpful to the consumer on this point.

[davyatsea]

Re: NRAM Considering IVA for unsecured element

This is a proposal received following my wife's phone call yesterday

[Debt Camel]

Re: NRAM Considering IVA for unsecured element

This is the link that my wife saved http://advice-debts.com/ppc/ but when I spoke to them afterwards, I was told that the iva company used is Johnson geddes

ok I can't see any point in talking to a lead generator at all. I suggest your wife stops speaking to them.

Johnson Geddes are a well respected mid sized IVA firm. The sort where you can actually get to talk to the Insolvency Practitioner, unlike the large "sausage machine" IVA factories. They are one of the IVA firms I would recommend. I suggest you should speak to them directly about your situation. http://www.johnsongeddes.co.uk/

You haven't replied to my suggestion however that you should consider bankruptcy...

[Diana M]

Re: NRAM Considering IVA for unsecured element

I think we might be onto something here with NRAM. If I had been able to port the mortgage, I probably would have

Most borrowers would have - only to find that NRAM moved the goalposts when you came to rely on your Ts & Ts.

Mind you they weren't the only lender to do that.

Di

[Debt Camel]

Re: NRAM Considering IVA for unsecured element

I think we can assume the person who typed that up knew little about IVAs - or NRAM would not have been transcribed as Enron ...

With over 75% of your debt, NRAM would have a veto on whether an IVA is approved or not.

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Sounds like a good suggestion. I'll give them a call directly and seek advice. Main concern for bankruptcy (apart from upfront cost) is that I have two vehicles which my wife and I both use for work. Both are on HP agreements, so I wondered whether this would be affected by any bankruptcy.

[Debt Camel]

Re: NRAM Considering IVA for unsecured element

Cars on HP do not belong to you so they can't be taken by the Official Receiver. The cost of the HP is usually an allowable cost if you need the cars to get to work, but there can be problems if the monthly payments are very large.

BUT

1) when do the HP agreements end? If this would be whilst you are undischarged - this is a 1 year period ? If it is, at that point the car would become the property of the OR.

2) look at your HP agreements and see if there is a "bankruptcy" clause. If there is, then the HP firm can repossess the car. But sometimes they won't do this if you have been making the payments on time.

[Diana M]

Re: NRAM Considering IVA for unsecured element

This is a proposal received following my wife's phone call yesterday

When did you open those Capital One credit card accounts accounts? Could it have been before April 2007?

The other debts (aside from NRAM) seem to be 4 short term loans (PDLs?) and a Very catalogue account. When was that account opened?

Is the SSE debt (Ł180) a utility or broadband bill? Your current agreed payment will clear that in four months (if I've understood that proposal/schedule correctly).

The whole lot only total Ł4.8k until the NRAM arrears appeared on the scene. Were you managing these debts ok until then?

Bankruptcy or an IVA may be an extreme measure for dealing with your debt issue. Explore all options before you commit to anything.

Di

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Hi everyone. Its been a while since I've been on, but I've being doing some research in the meanwhile. To cut a long story short, NRAM have now placed my account on an 'Interest Forgiveness Concession Arrangement'. They have agreed to reduce the interest (haven't said by how much). They have also accepted my payment offer of Ł194 per month for the next year, and have confirmed that my overall balance will not increase over the next year. This has been a long road to get to this point, and is not over yet, but this is a MASSIVE step forward. Many thanks for all your help and advice so far.

[Diana M]

Re: NRAM Considering IVA for unsecured element

Many thanks for all your help and advice so far.

Which is not over yet. Watch this space

Di

[davyatsea]

Re: NRAM Considering IVA for unsecured element

hello all, just updating as its been quite a while. NRAM interestingly deny all knowledge of why the letters state Landmark on FOS responses... In conversations seen following a SAR they mention a VC marker??? Anyone know what this is?? also a letter we had today states we have been referred to a specialist team and are no longer under standard collections. It sounds ominous. Looking through the all the info, I think WŁ IVA practitioner suggested not inclus=ding NRAM unsecured element and student loans to ensure IVA was accepted. It seems to me W3 is potentially at fault.

[Arcadian]

Re: NRAM Considering IVA for unsecured element

hello all, just updating as its been quite a while. NRAM interestingly deny all knowledge of why the letters state Landmark on FOS responses... In conversations seen following a SAR they mention a VC marker??? Anyone know what this is?? also a letter we had today states we have been referred to a specialist team and are no longer under standard collections. It sounds ominous. Looking through the all the info, I think WŁ IVA practitioner suggested not inclus=ding NRAM unsecured element and student loans to ensure IVA was accepted. It seems to me W3 is potentially at fault.

NRAM technically sold/transferred a lot of their mortgages to a company called Landmark. As far as we could tell it was the same company, thinly veiled. We spoke to the same people on the Hardship team that we had before the change.
Unfortunately on the whole we found Landmark much less pleasant to deal with than NRAM. They also ramped up the level of incompetence exponentially, sending often baffling, and always duplicated letters.

[Diana M]

Re: NRAM Considering IVA for unsecured element

The OP's mortgage is still will NRAM not Landmark.

Di

[Arcadian]

Re: NRAM Considering IVA for unsecured element

As I say they're still ostensibly the same company with the same staff, just a nastier attitude. That probably explains the erroneous reference to Landmark - I very much doubt the staff there remember who they are supposed to be representing, half the time.