22 Mar 2015

A question about : NRAM full and final

Hi All

Has anyone had any success of full and final offers with NRAM? It says on my credit file settled so I presume the debt has been sold. I defaulted in 2009 when my house was repossessed. It was the together mortgage. Both debts on credit file say settled.

The mortgage shortfall was Ј110,000 and the unsecured loan was Ј30,000. In total with charges etc the last I knew it amounted to Ј155,000. I am wanting to try and settle this however cannot pay in full and hoping to do a full and final.

Has anyone successfully negotiated a F&F after it has been sold and how many pence in the pound was it? The unsecured element will become statute barred next year. So if I wait I will only have the mortgage shortfall to settle.

Any advise please?

Best answers:

  • Hello there,
    I've spoken to callers who have looked to negotiate full & final settlments with NRAM in the past, so I know it's possible. It's important that you negotiate in writing. Also ensure that you do not make your payment until you have confirmation that your offer has been accepted in writing. Here's a link to our full and final settlement fact sheet:
    https://www.nationaldebtline.org/EW/...s/Default.aspx
    Best wishes,
    David @ NDL.
  • Many thanks.
    Do you have any idea what percentage they were able to negotiate for the mortgage shortfall?
    Also the Northern Rock debt says settled on my credit report, do that mean the debt has been sold? There is no other creditor that has registered this debt so a bit confused at this. I have also checked to see if a CCJ was registered against me. I searched trustonline and there is nothing registered nor is there anything on my credit file.
  • Hi there, I'm in a similar situation to you. I have literally wrote out a f+f letter to send to NRAM today and will be posting this week. I didnt even think about unsecured part becoming statute barred - will be 2016 for me. However I just want to get it sorted so I can move on.
    They were bugging me with voicemails but I wrote to them requesting all correspondence to be in writing.
    My credit record states debt is satisfied - not settled. No CCJ.
    Be interesting to hear how you get on....
  • Thanks for the email. Would you mind if I asked what percentage of F&F are you offering?
    I checked my credit file again and sorry it does say satisfied, which I still don't know what that means as there is no other creditor that has replaced this entry.
    I am not going to make any F&F offer just now, reason being that the unsecured element will drop of my credit file next year and so will my other debts. I will then approach NRAM or the DCA and make an offer. I don't want to poke a sleeping dog and find out that they refuse all my offers and start ccj's etc.
    I want to settle but want to do some research and find out how much they settle for on average and then make sure I have that amount to approach them.
    Last time I approached them they were very aggressive and arrogant and frankly did not care...
    Let me know how you get on
  • Thanks David for your advise.
    What is the range of F&F that you have experienced that they have settled for. I know a friend who settled his mortgage shortfall with 5% but that was with BOS.
    I know NRAM have been very difficult and that's why I am looking for a guide that they have accepted or the range at which they accept.
    If it was any other lender I would have made contact to try and settle this but NRAM I feel haven't played ball...things might have changed hence my question.
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