Nram ****won**** but advice needed

[jds79]

After just 1 letter to NRAM, they are upholding the complaint and with the 8% interest, they are coughing up £5100.

 

However!! I have been on a reduced payment plan with them for the last few years and this means that there are £4900 arrears on the loan to be paid.

 

They have offered to either, offset the payout against the arrears and pay us the remaining £200 or pay us the whole £5100 but the remaining loan amount of £5200 will need to be paid within 2 months.

 

I have a couple of questions:

1. can I not continue on the reduced payment plan and take the £5100

2. if I offset the amount against the arrears, can I pay the remaining few hundred pounds of the loan on the reduced plan

 

We are so happy with the success, just trying to keep a level head and not take the money and run!!

[dx100uk]

its all down to what they have sent you

 

you should be getting letters called 'notice of sums in arrears'

 

they MUST be notifying you to offset.

 

you do realise the outstanding should go down too

 

as there will be PPI you've yet paid to come off the total

 

they should be restructuring the loan.

 

have you the agreement?

and a list of all your payments?

 

how do you know their refund is CORRECT?

 

dx

[BRIGADIER2JCS]

I would suugest the best decision is to offset if you cannot pay the balance in 2 months I guess it's a case of you can't have your cake and eat it. it would appear that the lower payment plan has not been removed, you need to discuss this with NRAM.

[jds79]

Thanks for the reply

 

The NRAM paperwork is very explanitory and they have offered 2 separate settlements, 1 = offset against arrears and 2 = take full refund

They have given full calculations that show the remaining loan amounts with PPI removed from them.

 

I am basically curious to know whether I can keep my reduced monthly repayment amount or whether they are allowed to force me to pay £5100 in two months, if that makes sense!

[jds79]

I need to be sensible and offset, would everyone agree??

[BRIGADIER2JCS]

imo yes

[pink1808]

I need to be sensible and offset, would everyone agree??

 

 

Yes I agree, best to be debt free

[jan78worsfold]

The banks are playing dirty but I do agree, it's better to be debt free. You are free and never have that worry. I feel debt is nothing other than slavery. Glad you had success.