NRAM ERC refund coming soon...

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  • picardygirl
    picardygirl Posts: 558
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    Blodwen wrote: »
    ETA: Picardygirl, did you find out whether you could get a refund?

    Not looking good ...... phoned and asked, and told "sorry, only waiving the charge as of today" ..... so i have a letter into NRAM to see if i can get anywhere ....but not expecting to, but hey ho, no harm in trying !!!!!
  • picardygirl
    picardygirl Posts: 558
    First Anniversary Combo Breaker First Post
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    Need some help guys, have today received a letter from NRAM offering to refund my ERC (plus 8% interest since we redeemed our mortgage back in Oct) BUT only if we can provide evidence that we moved home and borrowed at least the same amount, or moved lenders and borrowed at least £3000 more (which we didnt) ..... had we known we would be able to have our ERC refunded back we would have requested an additional £3k on our new mortgage, but according to NRAM that deal ended in July 2010 and there was no way we could get out of our ERC.

    The letter states "this decision is final and our review of your complaint has been conducted with Financial Services Authority guidelines" ...... anyone think its worth us taking this any further, not with NRAM as they are saying "final decision" ????
  • So can anyone confirm if this waiver is going to apply to "all" mortgages with an ERC, regardless of what your next step will be in terms of mortgages new property etc, it's just that we are planning to emmigrate and sell up so will not be moving to another property, or getting a new mortgage and would like to know if we would be able to get the waiver too??
  • Quigibo
    Quigibo Posts: 29 Forumite
    So can anyone confirm if this waiver is going to apply to "all" mortgages with an ERC, would be able to get the waiver too??

    Yup, pretty sure it apply's to all NRAM mortgages. Ring them and ask they will tell you straight away.
  • damory
    damory Posts: 12 Forumite
    edited 8 April 2011 at 12:28AM
    Can I start by thanking leta21 for posting in the first place.

    I called NRAM on Monday and they confirmed that no ERC's are being charged now, which finally brings their policy in line with the (ex) B&B side of their business.

    I stand to save £25K so I am delighted.

    Thanks for all the support along the way from all the posters on this thread.

    Best Regards for the future.

    damory. :beer:
  • Need some help guys, have today received a letter from NRAM offering to refund my ERC (plus 8% interest since we redeemed our mortgage back in Oct) BUT only if we can provide evidence that we moved home and borrowed at least the same amount, or moved lenders and borrowed at least £3000 more (which we didnt) ..... had we known we would be able to have our ERC refunded back we would have requested an additional £3k on our new mortgage, but according to NRAM that deal ended in July 2010 and there was no way we could get out of our ERC.

    The letter states "this decision is final and our review of your complaint has been conducted with Financial Services Authority guidelines" ...... anyone think its worth us taking this any further, not with NRAM as they are saying "final decision" ????

    Just thought i would update this ...... we took the complaint to the FOS, and had the decision today!

    The FOS have said that because we redeemed our mortgage at the time when NRAM were not offering any ERC deals, we were liable to pay the charge BUT and its a good but, because we made a complaint and they offered to refund our ERC if we could prove we can borrowed more than £3k (which we didnt, so couldnt) the FOS have suggested NRAM should meet us half way with our complaint, and they have agreed :)

    So we are having a refund of 50% of our ERCs we paid last October, plus 8% interest, still comes to a few bob and we are happy, obviously would have liked the entire amount back but happy to be receiving anything at all ..... after all we did jump ship a few months too early!

    We broke even by moving our mortgage during the fixed deal but now we are a few thousand better off we are getting a partial refund.

    So glad i pursued it with the FOS, they have been brilliant ....... took its time, but worth it.
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