NRAM ERC refund coming soon...

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Comments

  • Thrugelmir wrote: »
    No different to any other lender. There's no guarantees of being offered another product as you may not meet the criteria.

    You signed the contractual terms for the product. So unless there's a general waiver then sit it out or pay up.

    It is taxpayers money at stake so we all have a vested interest.

    I agree !

    We wanted to leave so we paid the price, but what is so annoying is that they were offering "deals" from last January to July 2010 and now there is now another "deal" being set up, even NRAM told me that on Monday! Customers dont know what to do for the best, move now or hold on for a few months (with maybe the better deals being withdrawn to remortgage to another lender) or trying to hold off before moving house.

    .............. whats also annoying is someone joins MSE and makes a statement about NRAM are going to do such and such on such and such date, which obviously hasnt happened and then doesnt come back and make a comment ......... sorry rant over, :cool:

    Totally get that this is a public forum and anyone can post whatever they like, when they like etc etc ........ :think:
  • NJBSaver
    NJBSaver Posts: 13 Forumite
    Thrugelmir wrote: »
    No different to any other lender. QUOTE]

    Only completely different from the government run bad side of B&B, who have and continue to refund/waiver the ERC.

    Should I be upset that B&B are refunding taxpayers money when they seemingly don't have to.
  • deefadog
    deefadog Posts: 2,190
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    Yes it is annoying I agree, but before I even seen this thread I enquirered on my own and the cs advisor said that something would be announced very soon regarding erc!

    So something is happening soon!

    Just a waiting game...
  • rimbot
    rimbot Posts: 3 Newbie
    edited 9 February 2011 at 11:34AM
    Thrugelmir wrote: »
    No different to any other lender. There's no guarantees of being offered another product as you may not meet the criteria.

    You signed the contractual terms for the product. So unless there's a general waiver then sit it out or pay up.

    It is taxpayers money at stake so we all have a vested interest.
    NRAM can guarantee with 100% certainty that they cannot offer another product, as they don’t have license.

    I personally, and I imagine all other customers would have never contemplated entering into a contract with NR if we knew that they would collapse. The creation of NRAM and losing their license is the fundamental change in the relationship I originally entered into.

    If I could borrow more from them then I have no issue. (in repsonse to your comment on not being guaranteed another offer, another lender is willing so my personal eligibility is not the case, I am sure in NR before NRAM would have offered a similar deal). My issue is that there is no viable alternative but to either wait or pay the ERC.

    If they are not lending then they are of little use to anyone.
  • leta21 wrote: »
    Some fantastic news.. NRAM from 7th Feb will waive/refund ALL ERC's!
    This includes FULL ERC and any HWC (help with costs) 7th of Feb so don't waste your time calling before then.

    So I take it the is just crap? :(
  • Meeper
    Meeper Posts: 1,394 Forumite
    Of course it is. You expected any different?
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • deefadog
    deefadog Posts: 2,190
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    Nicely put LoL!

    Maybe the op works for NRAM and they had premium rate numbers setup on the 7th to make extra cash :)
  • NR customers get the ability to move their mortgage to other products, in some cases without fee's, if this was the case for NRAM i'd agree that they should not let people out without paying ERC's, but this is not the case. As ribbot pointed out in my opinion a "fundamental change in the relationship" and as such we should be able to terminate our agreement without penalty.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    rimbot wrote: »
    NRAM can guarantee with 100% certainty that they cannot offer another product, as they don’t have license.

    I personally, and I imagine all other customers would have never contemplated entering into a contract with NR if we knew that they would collapse. The creation of NRAM and losing their license is the fundamental change in the relationship I originally entered into.

    The reason that your mortgage is with NRAM and not the new NR. Is that your mortgage was one of those securitised bundled up and sold on. So the mortgage monies owed belong to someone else. To exit the securitsation NRAM will also need to pay a settlement fee so the issue is far more complex than merely losing a licence.

    I am sure that the plan is to windup NRAM as efficently as possible but it will take some years.
  • Thrugelmir wrote: »
    The reason that your mortgage is with NRAM and not the new NR. Is that your mortgage was one of those securitised bundled up and sold on. So the mortgage monies owed belong to someone else. To exit the securitsation NRAM will also need to pay a settlement fee so the issue is far more complex than merely losing a licence.

    I am sure that the plan is to windup NRAM as efficently as possible but it will take some years.

    I wont be paying the settlement fee, I can wait the 6 months, I'm at 78% LTV and an excellent credit history. if all mortgages were scrutinised, why was I moved to NRAM?

    I think it was because they made an assumption on the values of my property and its LTV based on the purchase price. I have since ploughed around £30,000 into the property that had not been modified since 1970 and even in a falling market at the lower estimate I'm at 85% LTV, more likely 78%

    As you say selling the debt complicates things as they will expect 6 months more interest or the ERC as part of the package, but this seems unfair in my circumstance.
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