NRAM Considering IVA for unsecured element

[Diana M]

Re: NRAM Considering IVA for unsecured element

As I say they're still ostensibly the same company with the same staff

No they're not.

NRAM still exists.

Some of it's loan portfolio was sold to Landmark and some was sold to Whistletree (US businesses). The rest remain with NRAM such as the OP's mortgage.

See here > http://www.n-ram.co.uk/homeowners/whistletree-landmark

"Important information about the sale and transfer of NRAM mortgages and loans to Landmark Mortgages and Whistletree

If your mortgage or loan was included in the transfer to either Landmark Mortgages or Whistletree, you will have received a letter from us explaining this. If you did not receive such a letter, then your account was not included in the transfer."

Di

[Arcadian]

Re: NRAM Considering IVA for unsecured element

I'm aware that NRAM still exists, but the idea that Landmark is anything but a new identity for the original Northern Rock/NR Asset Management is not true, when you start digging into it.

https://beta.companieshouse.gov.uk/company/03273685

In point of fact, if anything NRAM Limited is now the new company, only being incorporated in June 2015...

[Diana M]

Re: NRAM Considering IVA for unsecured element

I'm aware that NRAM still exists, but the idea that Landmark is anything but a new identity for the original Northern Rock/NR Asset Management is not true, when you start digging into it.

. . . . In point of fact, if anything NRAM Limited is now the new company, only being incorporated in June 2015...

I'm not going to argue with you because that would be unfair since I have seen the OP's paperwork and you haven't.

Di

[Arcadian]

Re: NRAM Considering IVA for unsecured element

I'm not going to argue with you because that would be unfair since I have seen the OP's paperwork and you haven't.

Di

As we're not really arguing about the OP's case, but about the general format of and intricacies pertaining to those assets which were once held by Northern Rock/Bradford and Bingley etc. then I would concur.

Perhaps a thread split would be appropriate at this point?

[Diana M]

Re: NRAM Considering IVA for unsecured element

As we're not really arguing about the OP's case, but about the general format of and intricacies pertaining to those assets which were once held by Northern Rock/Bradford and Bingley etc. then I would concur.

Perhaps a thread split would be appropriate at this point?

If you want to start your own thread on the broader and general issues of life after Northern Rock then please do so because that may help to keep the OP's thread on track.

Di

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Just had email from W3 with further info from IVA proposal. Some of the content is here...... Please note that in order for an IVA to be approved, a minimum acceptance of 75% of those creditors that vote, pro rata to the amount of debt they are owed is required.
Northern Rock held a controlling vote of 47% in XXXX proposal and 49.9% in your proposal in creditor claims.
This means that Northern Rock would have been in the driving seat and their vote would determine whether your proposals would have been approved or rejected.
I recall that during this period, Northern Rock were frequently rejecting IVA’s proposals where they were the majority creditor and providing no valid explanation for their rejections. I can only assume that the basis of my predecessors XXXX decision to exclude Northern Rock from your proposals was to improve the likelihood of your IVA’s being approved by the remaining creditors.
You will note from your proposals that Northern Rock were noted as unsecured creditors, but excluded.
You will recall that your IVA’s were approved by creditors on 28 September 2007.
I can only assume, that in the event that Northern Rock were included they would have rejected the IVA. The only other option available to you both then would have been Bankruptcy.
I have attached copies of some of the notes from the files where there is reference to the excluded debts together with copies of the endorsed proposals, which indicates that you were both aware of the exclusion of these debts and were happy to proceed on this basis.

This isn't the full email, but a good proportion of this. It appears that W3 are cherry picking the information they are sending to us, No wonder, I was unsure about entering into another IVA as was recommended at the start of this thread.....

[Diana M]

Re: NRAM Considering IVA for unsecured element

Thank you for your email .

I'll reply tomorrow

Di

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Hi everyone, its been a while since I've been on here. Amongst other things, I've been tirelessly pursuing avenues against NRAM for their customer services, potential miss-selling, of the mortgage and the original IVA. On the customer service issue, they have backed down and have accepted a monthly repayment from Stepchange. As for the issue of the penalty interest charges, and the potential miss-selling, I seem to have hit a brick wall. W3 clearly cherry picked the info they sent me earlier in the year and Scottish Friendly, who seemed to have taken over the complaint of mi-selling from Beals Estate Agents, have just rejected the complaint out of hand. There is of course the escalation option of the FOS, but was hoping for some advice first.

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Just had email from W3 with further info from IVA proposal. Some of the content is here...... Please note that in order for an IVA to be approved, a minimum acceptance of 75% of those creditors that vote, pro rata to the amount of debt they are owed is required.
Northern Rock held a controlling vote of 47% in XXXX proposal and 49.9% in your proposal in creditor claims.
This means that Northern Rock would have been in the driving seat and their vote would determine whether your proposals would have been approved or rejected.
I recall that during this period, Northern Rock were frequently rejecting IVA’s proposals where they were the majority creditor and providing no valid explanation for their rejections. I can only assume that the basis of my predecessors XXXX decision to exclude Northern Rock from your proposals was to improve the likelihood of your IVA’s being approved by the remaining creditors.
You will note from your proposals that Northern Rock were noted as unsecured creditors, but excluded.
You will recall that your IVA’s were approved by creditors on 28 September 2007.
I can only assume, that in the event that Northern Rock were included they would have rejected the IVA. The only other option available to you both then would have been Bankruptcy.
I have attached copies of some of the notes from the files where there is reference to the excluded debts together with copies of the endorsed proposals, which indicates that you were both aware of the exclusion of these debts and were happy to proceed on this basis.

This isn't the full email, but a good proportion of this. It appears that W3 are cherry picking the information they are sending to us, No wonder, I was unsure about entering into another IVA as was recommended at the start of this thread.....

I never did receive any reply to this one.. Just wondering if anyone has any advice, or is it another brick wall?

[davyatsea]

Re: NRAM Considering IVA for unsecured element

Major development with this one.... It seems that the entire debt may have been written off. I don't want to divulge too much at this stage, but we had a letter stating that NRAM were no longer accepting payments from Stepchange as the balance was now zero. A quick phone call to NRAM, and this was confirmed - something to do with original IVA. I really am quite shocked by this and am awaiting confirmation in writing, plus updated information on my credit files. if this is true, this could be a game changer for our financial future, but I'm waiting with baited breath. Don't want to get too excited until I hear something in writing...

PS. Shall I carry on this thread or start a new one. I'm not sure if anyone picked up my last two posts on this thread. This could be a major game changer for anyone having issues with NRAM.

[Amethyst]

Re: NRAM Considering IVA for unsecured element

Yes treat it with caution until you have the facts and confirmation in writing. Have you heard anything from anyone else regarding your original IVA?

This was a unsecured loan of over £25k under NRAM Together mortage wasn't it?

[MENTION=551]pt2537[/MENTION]

[Diana M]

Re: NRAM Considering IVA for unsecured element

Major development with this one.... It seems that the entire debt may have been written off. I don't want to divulge too much at this stage, but we had a letter stating that NRAM were no longer accepting payments from Stepchange as the balance was now zero. A quick phone call to NRAM, and this was confirmed - something to do with original IVA. I really am quite shocked by this and am awaiting confirmation in writing, plus updated information on my credit files. if this is true, this could be a game changer for our financial future, but I'm waiting with baited breath. Don't want to get too excited until I hear something in writing...

PS. Shall I carry on this thread or start a new one. I'm not sure if anyone picked up my last two posts on this thread. This could be a major game changer for anyone having issues with NRAM.

I'll reply to your phone call and email tomorrow.

Jo is aware of the update. So far so good by the look of things

Best not to post too much on the internet at the moment.

Di

[Diana M]

Re: NRAM Considering IVA for unsecured element

Yes treat it with caution until you have the facts and confirmation in writing. Have you heard anything from anyone else regarding your original IVA?

I have been in contact with the OP off the forum for some months following initial advice from us.

Di

[Amethyst]

Re: NRAM Considering IVA for unsecured element

I meant other creditors etc. I can see from the thread you've been in contact however with the OP expressing concern that the last couple of posts not being answered I wasn't aware if you were actually involved with the case or not.

[Diana M]

Re: NRAM Considering IVA for unsecured element

I can see from the thread you've been in contact however with the OP expressing concern that the last couple of posts not being answered I wasn't aware if you were actually involved with the case or not.

Yes we are

I've just spoken to Davyatsea.

Sorry if my post was a bit abrupt but I didn't want the OP to compromise things so I jumped in!

Di