I have a debt of just over £66k with NRAM - caused by a repossession that I was unaware of by my ex husband with a joint mortgage(Long story!).. anyway, after receiving initial correspondance from NRAM I thought the best thing to do was find out whats happened and deal with the situation, which I have been doing. I agreed a payment of £75 per month which NRAM agreed for 6 months, I then had to resubmit income /expenditure details and a further 3 months at £75 has been agreed. I know that they are wanting me to pay more, I haven't been entirely honest on the income / expenditure form as know they are literally taking every bit of so called disposable income left that I've said I have and really don't want to pay anymore. I have written to them to ask if they would take a settlement of £7200 over 48 months and they will no doubt say no. my problem is I do not want this hanging over me for the rest of my life, I don't have funds or the ability to get them in order to pay off a larger lump sum. What would happen if they don't accept the settlement figure and won't agree to continue with the £75 a month which would technically be forever? I do have other debts I'm paying and NRAM say to me that they should be lower down the order than them due to the values.. I just want to get out of the mess and know that I can still live while paying off what I owe.
Hi and welcome to the forum. Is your ex jointly responsible for this debt?
Why not have a chat with 2 or 3 professionals they can discuss all debt remedies with you and hopefully work a way forward with to clearing the debt within a given time and take the pressure off for you.
www.iva.com lists some companies and the professionals who post on the forum will I'm sure offer expert advice too x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I do a lot of IVAs for people who have repossession debts, and they are generally acceptable to the former mortgagees. It might be better to look at this fairer option, given that all of your creditors would get their rightful shares, and no-one can argue that their positions have been worsened due to the actions of other greedy creditors.
So NRAM have called to refuse my offer and advised that I'll be under review for increased payments at the end of the month. Can they do attachment to earnings or forced bankruptcy if they are not satisfied with my payments?
Sorry, Leslie.. yes my ex husband would be jointly responsible however I do not know of his whereabouts and because of data protection NRAM won't tell me if they've spoken to him.
Yes they can seek both remedies if you ail to make payments against this loan. An IVA would stop this action, but I imagine that NRAM are the major creditor and will probably influence the voting.
I know I need to pay this money, but how do I avoid having to pay every spare penny for the rest of my life to pay this off. I'm really not trying to get out of paying it, but think its unfair I could end up working purely to pay a debt that I'm not solely responsible for. Don't really know what to do as don't think an IVA is the answer as again all my spare income other than basic living allowances will go to paying this debt. Would be better off not working at this rate I feel.
I have been in the exact same situation apart from I was dumped with the full debt from NRAM due to my ex wife going bankrupt, I too have been paying £75 a month to keep them off my back as I have also got joint loans and other debts added to me due to her actions too. I pay monthly to credit expert and I got a message saying I had a change to my credit file this week, only to find that for some reason NRAM have put my mortgage balance instead of £40k plus but as SETTLED. So don't go rushing into paying them off, stick to what they think you can afford and not a penny more. I agree I have never said I'm not liable as I borrowed it in the first place, but I'm not paying someone else's debts as well as my share. Stick to your regular payment and just chill out and let it ride for a bit, I was going to start bankruptcy this month but no need now hoping they may do same on the loan element too !!
Wilky, thank you so much for your reply, it has made me feel much better. NRAM have contacted me again this month to say they want to review my payments again so I will try to keep stalling them with the £75 per month as I am now. How long have you been paying them? I'm not counting on them settling my debt any time soon but will keep going as I am for now. My only concern is that they disagree with the payment plan and will enforce bankruptcy or an attachment to earnings order which I obviously don't want.
Appreciate your response and happy for you on your outcome... only a little jealous !
Thanks agaiin
I understand how you feel that you don't want to be paying across all your disposable income in an IVA for a debt that is not solely yours but I guess you have to sit down when you have time and have a real heart to heart with yourself, as I see it, you have 2 options opposed to bankruptcy which you have to decide between, one is to continue paying as you are for the rest of your working life paying over what you want to pay and having constant hassle from NRAM regarding reviewing your payments and worries about attachment of earnings etc, or you can look at an IVA for 7 years (which is what NRAM will probably demand) and paying over your disposable income during that time and then be rid of it. Only you can make that decision I guess. They may of course over time be more receptive to a settlement, but in the meantime you run the risk of them taking you to court for a CCJ in which your I&E will be scrutinized anywhay and would then have to pay across what you CAN afford rather than what you WANT to pay.
I do feel for you, it's a horrible situation to be in but I think you need to take some independent advice about the options you have to deal with this debt and then be able to make a decision about how you move forward.
Do you have any assets which would be at risk under bankruptcy proceedings tm43? If not, then this may be the most appropriate solution for you to look into.
I dnt have any assets, don't even own a car.. however bankruptcy is not a route I'd really like to go down to be honest. While nram are accepting my monthly payments I'll continue with this and in the meantime will work out how to raise enough to offer a settlement - lots of car boot sales on the cards this year I think! If they threaten bankruptcy or attachment to earnings then I'll have to review it then I suppose.
Is there anything in particular which bothers you about declaring yourself bankrupt? It doesn't seem fair that you have to continue paying for a debt you were not responsible in incurring - even if you are jointly liable for it?
tm43 I spoke to them and was told yes your account is showing as redeemed and to stop making payments, i asked for written confirmation which never appeared (which I only did under request from my CAB advisor) I left it for a month then called back before canceling my payment and was told you still owe the money don't know why you have been told that and someone from the redemptions team will contact you in 5-7 days that's over a month ago. So I'm just waiting until the day something happens, other than that I'm waiting for 6 years and claiming the debt statute barred. Useless tossers and we b***** own them as tax payers. If they contact me and ask for new payment review I don't care as I have another baby due so will have even less money to offer so let's just wait for them, and hope they never pick up on it.
Sorry Wilky - thew fact the debt has been acknowledged - means the statue bare does NOT apply - it is 6 year without any contact or acknowledgement - even then some debt is excluded
Last edited by ginger323232 on Fri Mar 22, 2013 12:01 pm, edited 1 time in total.
