NRAM ERC refund coming soon...

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  • Ju&Mel
    Ju&Mel Posts: 249 Forumite
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    picardygirl wrote: »
    Dunstonh, what do you mean ?

    If NRAM are going to refund ERCs is the OP suggesting that they will be only do it for customers who leave after 7 Feb?

    It says waive/refund which suggests is for those who have recently paid the ERC and (after 7th Feb) people won't have to??
  • picardygirl
    picardygirl Posts: 558 Forumite
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    Ju&Mel wrote: »
    It says waive/refund which suggests is for those who have recently paid the ERC and (after 7th Feb) people won't have to??

    Well if it does mean that i will be a very happy person!!! We paid NRAM our ERC in October 2010 ...... was gutted this morning when i read this post ...... but you think it may be worth me ringing on or after 7 feb to ask for the fees to be refunded ? Really? Luck like that never happens to me ...............
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Dunstonh, what do you mean ?

    If NRAM are going to refund ERCs is the OP suggesting that they will be only do it for customers who leave after 7 Feb?

    The post mentioned refunds. As we are not at 7th Feb yet, I read it that they would be issuing refunds from the 7th Feb. However, it doesnt say how far back they are going to refund. If they are only going to waive them from the 7th Feb onwards then there will be no refunds.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • picardygirl
    picardygirl Posts: 558 Forumite
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    edited 26 January 2011 at 4:52PM
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    dunstonh wrote: »
    The post mentioned refunds. As we are not at 7th Feb yet, I read it that they would be issuing refunds from the 7th Feb. However, it doesnt say how far back they are going to refund. If they are only going to waive them from the 7th Feb onwards then there will be no refunds.

    So harm me ringing on 7 Feb then (as already posted paid ERC in Oct 2010) ! Wont get excited though! In reality, why would NRAM want to pay me back an ERC they charged me a couple of months ago .......

    On first reading it this morning, i wondered if it was implying that they would either waive the charges or charge them and refund them after the mortgage was closed, but only from 7 Feb, as i believe they were doing early part of 2010 (up til June 2010 for certain customers) .
  • NJBSaver
    NJBSaver Posts: 13 Forumite
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    picardygirl wrote: »
    i wondered if it was implying that they would either waive the charges or charge them and refund them after the mortgage was closed .

    That's how I read it as well, which is why i'll be waiting till the 7th Feb.

    I know that NRAM kept this 'deal' very hush hush last time, and if you search the net this is literally the only place that mentions the waiving/refund of ERC charges. Has Leta got inside knowledge?
  • picardygirl
    picardygirl Posts: 558 Forumite
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    NJBSaver wrote: »
    That's how I read it as well, which is why i'll be waiting till the 7th Feb.

    I know that NRAM kept this 'deal' very hush hush last time, and if you search the net this is literally the only place that mentions the waiving/refund of ERC charges. Has Leta got inside knowledge?

    Leta, please come back and answer our queries .....
  • cathh70
    cathh70 Posts: 165 Forumite
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    It would be great if this were true, we paid down the majority of our NRAM mortgage a few months ago, and are in a position to fully repay, but the 2.5k ERC is stopping us. We could be mortgage free ....

    Is it an early April Fool?
    _____________________________________________Mortgage 1 £80k paid off july 2014Mortgage 2 £213k paid off May 2021
  • leta21
    leta21 Posts: 5 Forumite
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    I hope can clear up any confusion.

    Waivers and refunds will begin on the 7th of Feb if enquires are made.

    Refunds - pre June 2010 might not get a full ERC (Early Repayment Charge) refund due to the offer available at the time, however no harm in asking or making a complaint.

    Post July 2010 redemptions would expect a full ERC refund.

    Contact NRAM from the 7th of Feb.

    Of course this doesn't benefit those in SECURED negative equity. However the 120% LTV (Loan to Value) products with an unsecured loan attached to the mortgage can leave the loan with NRAM.

    Be aware a fixed loading rate is added to the NRAM SVR (standard variable rate currently 4.79%) once the secured loan is redeemed either 3%,5% or 8% ,the credit aggreement will confirm this.

    Its worth doing the sums and deciding if this would be the better option leaving up to 30k unsecured on a potential variable rate of 12.79% factoring in the savings made on a lower rate product elsewhere for the secured loan up to 90K.

    Or leaving all lending secured and unsecured on NRAMS SVR hoping the rate will never rise or that the property will increase in value.

    The BOE base rate may well increase soon resulting in a higher NRAM SVR, this also means higher rates on new products with all mortgage lenders.

    Those who are unable to remortgage for other reasons, credit rating income loss etc.. need to obviously call and ask for help!

    Leta:T
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    There you go picardygirl. Don't celebrate until its in your account but leta's information does suggest you will qualify for a full refund.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • NJBSaver
    NJBSaver Posts: 13 Forumite
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    So this is gospel then?

    I'll crack open a beer anyway!
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