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NRAM ERC refund coming soon...
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# 101
Blaydon Races
Old 28-02-2011, 7:27 PM
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Does anyone know how we could bring this thread to Martin's attention? I feel this is a real live consumer affairs issue which should be taken to the highest levels of Government.

Certain nationalised banks are giving their customers horrendous customer service simply because the institution is no longer a profit making commercial entity. No commercial business (worth its' salt) would treat their customers like this.
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# 102
bigtallpaul
Old 07-03-2011, 4:33 PM
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Default Great News!!!!

I am moving house on Thursday 10th March and my solicitor phoned NRAM to obtain my final redemption satement which was going to include a difficult to swallow 10k early redemption charge.

The solicitor was told that as of TODAY, ERCs no longer applied and we would not have to pay it. I have since phoned NRAM and they have confirmed this.

I am off now to celebrate!!
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# 103
picardygirl
Old 07-03-2011, 5:46 PM
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Quote:
Originally Posted by bigtallpaul View Post
I am moving house on Thursday 10th March and my solicitor phoned NRAM to obtain my final redemption satement which was going to include a difficult to swallow 10k early redemption charge.

The solicitor was told that as of TODAY, ERCs no longer applied and we would not have to pay it. I have since phoned NRAM and they have confirmed this.

I am off now to celebrate!!
Congratulations x glad its worked out well for you.

With regards to the OP, i wonder if Leta21 meant to put 7 March and not 7 February.

I wonder if they are refunding ERC payments too ...... will have to get on the phone tomorrow and find out!

Last edited by picardygirl; 07-03-2011 at 5:51 PM. Reason: typo
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# 104
cathh70
Old 07-03-2011, 10:06 PM
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Looking forward to being mortgage free in the next few days !!!!! Good news.
_____________________________________________
Mortgage July 1998 - 80000
Mortgage Sep 2010 - 47975 2425
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# 105
lind
Old 07-03-2011, 10:38 PM
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I was just wondering if anyone have any ideas on this?
We have also got an official approval on a mortgage for our new property with someone else (as nram would not give us another deal) about a month ago.We had a mortgage statement just last week with a total figure including the erc.Would i get a revised statement near completion at the end of march with this not added?

Thanks lind
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# 106
Teddy KGB
Old 08-03-2011, 8:10 AM
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I take it that the waiving of the ERC is just for for additional borrowing only?

Anyone know any different?
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# 107
Blaydon Races
Old 08-03-2011, 9:33 AM
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Great news but I was a little sceptical so phoned NRAM this morning. They told me that as of yesterday Mon 7th March all ERCs have been waived. I asked about additional borrowing and was told this didn't apply (I want to see this in writing first!). The only fee customers will be have to pay is the 250 discharge of mortgage fee.
Apparently this announcment is on the NRAM website but I couldn't find it but they chap in their call centre said it was 'gospel' and would be happening.

Hoorah!!!
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# 108
bigtallpaul
Old 08-03-2011, 9:35 AM
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Hi Lind,

You need to phone up NRAM and get them to send a new statement to your solicitor which wont include the ERC charge. We got our first statement a couple of weeks ago and NRAM made no mention of the coming change in policy. It was only because our solicitor phoned up yesterday to query the fact they had included this months mortgage payment in the statement that we found out about them not including the ERC anymore.

Paul
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# 109
Quigibo
Old 08-03-2011, 10:04 AM
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Yay, just ordered my redemption without the ERCs now time to find a mortgage quick!!
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# 110
Daza1604
Old 08-03-2011, 11:21 AM
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It's on there website now. Sadly still no use to me as I have no equity in the property to be able to move mortgage provider. The prospect of being stuck on the svr for a good few years yet is still worrying me

It won't let me post the link.... It's on the NRAM site... Click customer... Then existing customer. All the details on there.
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# 111
Blodwen
Old 10-03-2011, 2:46 PM
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Thanks people for the updates, great news. It now looks like we won't be moving house and changing mortgage until after my fixed term ends, but I might look at moving to a lower rate before that since it'll now be ERC-free. For those that couldn't find it on the website it is here: http://www.n-ram.co.uk/customers/mortgages/existing-mortgage-customers/~/media/Files/N/N-RAM/content/ERC-Waiver-QAs3.pdf

ETA: Picardygirl, did you find out whether you could get a refund?
2011: Houses, weddings, cats
2012: Start renovating new house (aka open enormous can of worms)
2013: Lose weight, get fit and FINISH THE HOUSE!

Weight loss - Apr '12 -Sept '13: 95lb
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# 112
picardygirl
Old 10-03-2011, 7:12 PM
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Quote:
Originally Posted by Blodwen View Post
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 !!!!!
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# 113
picardygirl
Old 11-03-2011, 5:41 PM
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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" ????
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# 114
sarahjane001
Old 17-03-2011, 12:12 PM
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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??
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# 115
Quigibo
Old 18-03-2011, 10:01 AM
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Quote:
Originally Posted by sarahjane001 View Post
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.
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# 116
damory
Old 08-04-2011, 1:26 AM
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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.

Last edited by damory; 08-04-2011 at 1:28 AM.
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# 117
picardygirl
Old 24-11-2011, 7:30 PM
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Quote:
Originally Posted by picardygirl View Post
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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