NROck / NRAM Together Mortgages with unsecured loans in excess of £25k

[jhill]

Hi Steampowered, as I understand it the proceedings are to get a ruling on whether or not loans over the value of £25,000 which were executed on misleading CCA paperwork should actually have the CCA applied to them.

[jhill]

Don't they list judges and the cases they are hearing, somewhere ?

 

Hi Mr B! Do you have any knowledge of where I should be looking for this? Been Googling for the past hour and no joy

 

Case reference is 2014folio507

 

Thanks in advance for any help

[citizenB]

Apologies, I didn't get notice you had posted this..

 

Sorry, no I don't - if you know the Court, then perhaps look on their site ?

[DPB3770]

I'm sure you will all be aware by now but just in case you haven't seen here is the ruling which gives full details of those involved

and how it "NOW" impacts those of us who have the £25k + loans on the Together product ....

......things look extremely positive pending any appeal which may or may not come into fruition .....

.........anyway here is the ruling

( it wont let me post the url link so I have to replace the full stops with commas to get it on screen

and just copy + paste but replace the commas with full stops )

 

http://www.judiciary.gov.uk/judgments/nram-plc-v-mcadam-hartley/

 

On a seperate matter I have my own enquiry if anyone can answer or shed some valuable knowledge I would be most greatful

 

How is the amount of redress arrived at ?

I am assuming that for the period that the agreement was not compliant ( apologies if this is not the correct term )

that the loan will be recalculated allowing for just the capital repayments against the starting balance for that term,

effectively reducing the balance by the "actual"amount being paid and not incorporating any interesticon added monthly.

 

In simple terms for ease of reference,

if say the period in dispute is 6 years and payments were £100 per month with the starting balance of £30,000,

then the recalculated balance following 72 payments ( 6 yrs at 12 payments per year of £100 p/m)

should be £30000 - £7200 = £22800 it would be after this period that interest can then be applied so from balance £22800 onwards,

NRAM can then incorporate interest offset against the capital repayments and the balance would then reduce at a slower rate as a proportion of the capital being paid is being offset by the now correctly applied interest ?

 

Is this how the redress will be issued because if they just refund the interest which was technically not due for payment this figure will not be as much due back? For instance 72 x amount of interest refunded is less than recalculating the loan from scratch minus any application of interest( for the disputed period ) as the running total of the balance when 1st incorporating the interest will always be greater than the balance if just capital repayments. ie £30000 minus monthly capital but plus interest over 6 years with 6 years interest then refunded would have a greater due balance than £30000 minus purely monthly capital repayments over 6 years ( effectively being the refunded interest due ) would have a smaller due balance as calculations did not include interest upon interest calculations. Apologies for over elaboration,

 

I just need to try and get this straight in my head when I ( inevitably ) go head to head with some office based person to review this when my letter eventually arrives ( This is despite previously having very aggressive people at NRAM originally telling me on more than 4 occasions when I challenged them when the original £25 k limit people were given refunds, that I had and would have no rights to the same recovery of interest and that documents were executed correctly and were just administration errors .....effectively "go away !"

 

If someone in the know regards these calculations could give some advice on my "assumptions" I would be most grateful. I am to say in the least disappointed however that it has not been ruled that redress will be given directly to us ( NRAM customers ) as opposed to reducing the term of the mortgage..............This is unfair as we as the customers cannot change the terms of our mortgage ( I was refused a request to reduce my term from 30 yrs to 20 with higher payments when I requested such when NRAM took over as they said "we're not offering revised or new products" ) yet they feel they can now change when it suits them - I have had to lose out on money I have paid (and not due) to them , which indirectly has added to the situation that has affectively led to my dmp as those monies would have been used to effectively avoid this situation by paying other bills.

 

Look forward to any advices

Edited December 17, 2014 by citizenB

[citizenB]

I have sorted your link out for you.

[DPB3770]

I have sorted your link out for you.

Thanks, I didn't have enough posting credit to add it legitimately

[citizenB]

[davyatsea]

Hi everyone, I've just sifted this thread and share the views mentioned so far. One question I have is the one of the extortionate interest rate charged since delinking. We are all in the same boat in that current lending conditions prevent anyone with a large NRAM debt to get a mortgage elsewhere. My wife has suggested getting an IVA, but surely there must be some way of properly challenging NRAM to get this mess sorted out.

[davyatsea]

Hi everyone.

 

Its been a while since I've been on, but I've being doing some research in the meanwhile.

 

To cut a long story short,

NRAM have now placed my account on an 'Interest Forgiveness Concession Arrangement'.

 

They have agreed to reduce the interest (haven't said by how much).

 

They have also accepted my payment offer of £194 per month for the next year, and have confirmed that my overall balance will not increase over the next year.

 

This has been a long road to get to this point, and is not over yet, but this is a MASSIVE step forward. I don't know if anyone else has been offered this arrangement, but it could potentially open a can of worms against NRAM.

[dx100uk]

is there reclaiming on unlawful fees like arears/letter /phonecal etc to be done here?

 

 

have you all the statements?

 

 

might pay you to SAR them and get reclaiming...

 

 

don't forget worthless insurances too!!

 

 

dx

[dx100uk]

might be best to keep to your thread

http://www.consumeractiongroup.co.uk/forum/showthread.php?468779-NRAM-Considering-IVA-for-unsecured-element&p=4974683#post4974683

 

 

dx