NRAM - Current CCA non conformance - Redress due.

[ceiralennon]

I currently have a 'together' mortgage with Nram, so this is part secured and part unsecured. The unsecured loan is in breach of cca regulations and have notified all customers affected. I am affected and due redress, how much still to find out, others have already had redress and terms changed to reduce X amount of years. Now my questions is - can they (Nram) decide how this repayment of interest is paid? Also can they change terms without your consent?

 

Thank you in advance.

C

[BRIGADIER2JCS]

I think the only way you will get a definitive answer to your question is to ask NRAM.

My guess is yes they can decide how this paid, and yes they can change the conditions.

[ceiralennon]

Hi there, they have already given us an answer - got letter earlier today. It says -

 

The interest will be credited back to your account balance.

We have taken legal advice and believe that our proposed method of remediation is the most appropriate course of action .

By crediting your account rather than paying you cash, all we are doing is crediting back to you the interest that you have already paid to your loan. Effectively that means your loan will have been interest free for a period of time, also means your loan will be repaid faster.

As a result the impact on your account is positive and as a company we are able to fulfil our obligations to treat customers fairly,

 

Can this be done without our authorization? This is not a positive result for me. Am I within my rights to ask for direct payment as it came from my bank account?

 

Now I will have to start complaints procedure as this was only taken as a query they said. So i will have to get in touch with them and tell them I want it logged as a complaint, which it did say anyway.

[alstar1]

i am in the same situation - just got our letter today stating that we are owed just short of 3k and our account balance will be corrected - i'd also like to challenge this because....

 

1. we could really do with the 3k just now!

2. no matter what we are pretty much stuck with this loan for the forseeable future anyway - so shorterning the term (which has 28 years to run) doesn't really help us at all.

 

they are not being very specific as to which part of the CCA they are referring to regarding this redress - the letter is very vague and does not quote anything stating this is the correct and necessary process for redress - if there was a section of the CCA which stated this im pretty sure they would be quoting it in any correspondence

 

I will also be starting a complaint with them - even if they took the amount off our mortgage it would be of greater benefit to me as we are thinking of selling our property soon.

[alstar1]

i phoned NRAM today - never asked about a cheque refund but did query whether or not I would be able to have the amount taken off the mortgage part of the together product - rather than the unsecured loan.

 

I was told this is not an option - I asked if the CCA specifically stated that when redress was required then this is the correct and only process to be followed - they said it was.

 

Im thinking of raising a complaint and asking them to point out exactly where in the CCA this is stated - surely if it was then they would have mentioned it in the letter!

[ceiralennon]

i phoned NRAM today - never asked about a cheque refund but did query whether or not I would be able to have the amount taken off the mortgage part of the together product - rather than the unsecured loan.

 

I was told this is not an option - I asked if the CCA specifically stated that when redress was required then this is the correct and only process to be followed - they said it was.

 

Im thinking of raising a complaint and asking them to point out exactly where in the CCA this is stated - surely if it was then they would have mentioned it in the letter!

 

Yes do that, I have read quite a lot of the act and still making my way through it but I have not came across anything relating to method of redress,

 

On advice from my lawyer today he clearly says - Tell them you want a cheque, it is your right. Log your compliant with them and see what outcome is, then escalate to FOS - Or take them to small claims court, relatively easy and can represent yourself.

[markeymark]

I haven't had any further letter regarding this, my unsecured loan on mortgage is for £10,000 any idea if I will get anything back or deducted

[ceiralennon]

I haven't had any further letter regarding this, my unsecured loan on mortgage is for £10,000 any idea if I will get anything back or deducted

 

Go online to their website get the number and call and ask, is your loan, I am fighting the case that I want the money not onto mortgage hopefully will get some news over next couple of weeks

[IdaInFife]

Hi Ceira,

 

I have unapproved your post due to external links.

 

Please contact admin on admin@consumeractiongroup.co.uk (no spaces) before posting any further links.

[ceiralennon]

Hi Ceira,

 

I have unapproved your post due to external links.

 

Please contact admin on admin@consumeractiongroup.co.uk (no spaces) before posting any further links.

 

Oh sorry was only letting the nram customers I have now got a wee action group together called nram action group org uk and was looking to take our compliant as far as possible, Which might back us but need the support from everyone of this can go anywhere.

[IdaInFife]

Of course

 

If you email them you never know what may happen

[bade78]

Would i have cause for compliant regarding this issue if i had my house repossessed last july? I lost my property for a sum of £2300. I have already had a ppi claim of £1435.00 due to an insurance they missold me. If i do fall into this category of being owed back money. Where does that leave me? Would i be able to reclaim this money? Also if that sum was greater than amount i had in arrears is there any further action i could look into?

[manvdebt]

Would i have cause for compliant regarding this issue if i had my house repossessed last july? I lost my property for a sum of £2300. I have already had a ppi claim of £1435.00 due to an insurance they missold me. If i do fall into this category of being owed back money. Where does that leave me? Would i be able to reclaim this money? Also if that sum was greater than amount i had in arrears is there any further action i could look into?

 

Is this hypothetical or did this really happen?

[BRIGADIER2JCS]

Would i have cause for compliant regarding this issue if i had my house repossessed last july? I lost my property for a sum of £2300. I have already had a ppi claim of £1435.00 due to an insurance they missold me. If i do fall into this category of being owed back money. Where does that leave me? Would i be able to reclaim this money? Also if that sum was greater than amount i had in arrears is there any further action i could look into?

 

Yes I think you would have a good case here.