kallis3 wrote:
Mel is very busy at the moment, however her team are still beavering away in the background and you can contact them via their office either online or on the phone.
I really hope you can sort something out. NRAM are so stubborn at times...these banks don't even see what's best for themselves. Forcing you to consider BR doesn't help anyone. I have my fingers crossed that Mel's team can help move your iva along a bit further tomorrow xx
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Just a quick update, and more importantly anyone with an NRAM mortgage currently on IO payment.
I have been liaising with Melanie's team, and we have submitted out IE along with all the relevant info for them to move forward with a variation meeting.
I spoke with NRAM today after receiving a statement in respect of my Northern Rock personal loan; not a together loan linked to the mortgage. I wanted to challenge their view that MRAM Mortgages have nothing to do with the personal loans section, yet the registered company number is same!!
When I spoke with a manager within their review team, he explained that there stance and criteria in respect of IO to support IVA's has changed!
He stated that the maximum length will no longer be 60 months to support IVA's, and in fact the cap is 12 months period - he really was has blunt as that. He said NRAM our state owned, and personal loans falls into a different bracket.
He made it pretty clear that NRAM do support IVA's, but a decision has been taken to allow ONLY 12months on IO.
This chap is a manager;not sure how high/low he is up the chain though.
I would be interested to hear views of Melanie and the like.
Hi Sinking fast, i'm on IO with NRAM and started our 12 month period last month. We have put in for a full and final settlement figure which offers the creditors 14p dividend. Pushing our luck a bit but BR offers nil so we're really hoping that NRAM especially accept our offer as they're about 25% of our overall debt.
I too have put some thought into what we will do in 12 months time when the IO finishes and because we will be out of our prior fixed rate deal we will go onto the SVR which is actually lower than our fixed rate at the moment. I am nervous of the fact that the SVR could go up or down over the years i know but one step at a time i feel.
Another thing that concerns me is that NRAM told me that i can't go onto any other fixed rate deal with them anymore which means pretty much i will be risking staying on the SVR rate which i think is 4.79 currently for at least 6 years until my credit rating improves and i can remortgage. God knows what i will do if the SVR rises and rises over the years. Did you know anything about this by any chance ???
Anamae, we will be going down to the NRAM SVR in 30 months or so, and it will be better than the fixed rate were currently on. NRAM will not offer you any other rate. You will have to suffice with their SVR Im affraid. Because your credit record is shot, NRAM have you by the short and curlys.
Your concerns regarding the rise in interest rates will be echoed by nearly all on this forum. It will be a case of creditors accept the reality of the situation or the courts become diluged with BR applications due to failed IVA's. We too, and in particular me, have considered BR as the nuclear option. We do however, have every faith in our IP, and feel we need to give it our best shot even though the odds have been stackd against for the majority of the time we have been in this IVA.
I'm also on an IO with Nram and had it extended in dec for 12 months, it's the only way we could afford the IVA, think a lot of people will be in trouble with there IVA's if Nram have had a change in policy about IO payments, from reading on here a few people like myself had the togther mortgage with NR and have now been moved to Nram, and are on IO to makeup payments to IVA and some it was a condition from NR to go IO, this is a really worrying change in policy
