NRAM - Current CCA non conformance - redress due, wont give chioce of direct payment.

[lennon1]

Hi there, myself and some others from a small action group regarding the issue of method of redress due from Nram. They state they will reduce the term of the loan but not give direct payment. We do not want our terms to change without our consent. We have complained individually and have received standard final response that they wont uphold the complaint as they believe their method of remediation is best course of action. Can they dictate how this is done, and is there law that states they have right tot decide, seems very unfair. We have not been consulted during the whole process, we have no rights. This has now been passed to the fos but have been told by nram employee that they have to side with nram coming from someone in authority, then that makes it biased and the whole point of fos is to be impartial and unbiased, so we have try and see if it is worth class action as we all want the same outcome and would be more economical than a hundred single cases for the same thing. Any help would be much appreciated as I am going round in circles here and trying to help the others in same situation as we are at a loss as what to do.
Big thanks in advance
C

[Ruby]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Hi Lennon are you talking about unsecured/secured or together mortgage customer accounts with NRAM aka 'Bad Bank'

[lennon1]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Hi Lennon are you talking about unsecured/secured or together mortgage customer accounts with NRAM aka 'Bad Bank'

Hi there, yes sorry it is the unsecured loan part of the 'together' mortgage. The very bad bank!!! lol.

[Ruby]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

I have received a letter to say that I will be getting my interest refunded within the next eight weeks. It was a generic letter received a few weeks ago. I have had no update as to how much of a refund I will receive.

I know the press said we will get an average in the region of £1700, however I don't think logically my refund will be anywhere near that.

[lennon1]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

I have received a letter to say that I will be getting my interest refunded within the next eight weeks. It was a generic letter received a few weeks ago. I have had no update as to how much of a refund I will receive.

I know the press said we will get an average in the region of £1700, however I don't think logically my refund will be anywhere near that.

It should be approx 40 months worth of interest, I think mine should be about 3800 and I do not want my terms to change even if it is reducing term, I have not been consulted in this and believe they can't dictate how to repay this! I have complained and now passing to fos so now have to wait but I am fighting for the choice and they principle, and the cash Ive paid and they accepted illegally!

[Ruby]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Because my balance is very small, in the hundreds I feel pretty laid back by the whole matter. Myself, and probably lots of others weren't even aware there was an issue with these loans until it hit the headlines. I completely understand where you are coming from with regard to your grievances. I also think that customers should receive compensation for mis-selling of their 'together' mortgages aka 'toxic' mortgages. I am quite certain it was a big reason why NR went bust.

Good luck with your battle and please keep us posted.

[FlamingParrot]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Because my balance is very small, in the hundreds I feel pretty laid back by the whole matter. Myself, and probably lots of others weren't even aware there was an issue with these loans until it hit the headlines. I completely understand where you are coming from with regard to your grievances. I also think that customers should receive compensation for mis-selling of their 'together' mortgages aka 'toxic' mortgages. I am quite certain it was a big reason why NR went bust.

Good luck with your battle and please keep us posted.

There were many reasons for that, not least the fact they were offering 125% LTV mortgages, which would put borrowers in instant negative equity, leaving them in a position where it would be impossible to sell for a number of years. Another was their extremely high loan to deposit ratio.

[Ruby]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Just found out my refund will be - drum roll ................

£160.00!!!!!!!!

For anyone out there who still believes in what they read in the press

[MerlinJnr]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Hi there, myself and some others from a small action group regarding the issue of method of redress due from Nram. They state they will reduce the term of the loan but not give direct payment. We do not want our terms to change without our consent. We have complained individually and have received standard final response that they wont uphold the complaint as they believe their method of remediation is best course of action. Can they dictate how this is done, and is there law that states they have right tot decide, seems very unfair. We have not been consulted during the whole process, we have no rights. This has now been passed to the fos but have been told by nram employee that they have to side with nram coming from someone in authority, then that makes it biased and the whole point of fos is to be impartial and unbiased, so we have try and see if it is worth class action as we all want the same outcome and would be more economical than a hundred single cases for the same thing. Any help would be much appreciated as I am going round in circles here and trying to help the others in same situation as we are at a loss as what to do.
Big thanks in advance
C

Had my letter today. Over 2k due, but not via cash/cheque. Reduction in loan time. However, I agree with you in that NRAM should not choose what is best. I would rather clear my credit cards and reduce my monthly outgoings by £150, which twice as much as the NRAM loan element I pay each month. So, does anyone know whether NRAM can be challenged on this?

[MrZ]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

I am challenging them. Already issued my Court claim. Had them in Court once already and one. All because they tried to repossess back in 2010. I woke up and started fighting back. You can too!

[thisisnottheexit]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

I am challenging them. Already issued my Court claim. Had them in Court once already and one. All because they tried to repossess back in 2010. I woke up and started fighting back. You can too!

I have received a confirmation today with a total redress of £1900, do I write to advise I do not accept the redress and request a direct payment?
My finaicial situation has left me treading water for a long time, £1900 could clear an alternative lender leaving me surplus monthly funds to divvy between lenders.
Can the court claim be put together by a group?

[MrZ]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

I am going to be issuing a court claim against them soon for this and other claims.

Does anyone know if there is an active effort to start a class action? I am fully prepared to go it alone, but a class action might be just the thing here.

[lennon1]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Hi Guys,

we have started an action group now www nramactiongroup org uk

Should sign up as we are now making headway to highlight this to the media, NRAM and UKAR.

We have hundreds of customers now and continue to grow. We are also looking at Which (consumer group) for backing of a super-complaint .

If anyone can bring anything to the table please send me a message.

Thanks
Ceira

[PlanB]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Hi there, yes sorry it is the unsecured loan part of the 'together' mortgage.

Perhaps you should widen this to include all those poor people who had their homes repossessed by NRAM as a result of *arrears* which it seems didn't actually exist on their mortgages at the time. NRAM haven't said how they plan to redress them.

I would start with a Freedom of Information Act request to NRAM to discover the number of customers repossessed who were on these "Together" mortgages.

I have replied to your previous PM :wink:

[lennon1]

Re: NRAM - Current CCA non conformance - redress due, wont give chioce of direct paym

Perhaps you should widen this to include all those poor people who had their homes repossessed by NRAM as a result of *arrears* which it seems didn't actually exist on their mortgages at the time. NRAM haven't said how they plan to redress them.

I would start with a Freedom of Information Act request to NRAM to discover the number of customers repossessed who were on these "Together" mortgages.

I have replied to your previous PM :wink:

Thank you planb,

Yes our plans are to include everything to that nram have done.
We need people to sign up and tell us their story so we can include everything and make sure we haven't missed any point. Our plan is to get a list of problems and make nram and ukar discuss them with us. If they can't/won't as we all know how busy they are, then plan as protest at ukar offices and make them listen. There is a lot more going on in the background and I am trying to put a press release together but proving quite hard as I am still learning lol.

Hopefully there will be an update soon.