NRAM complaint, advice needed please!!

UpCheckOneTwo

Dear All,
I'm looking for some advice please.

I have my mortgage with NRAM and in late february I called them up to pay my mortgage payment. Unfortunately when I called them up they stated that they couldn't accept an over the phone payment as there was a fault with their system. I called over the next few days and received the same problem.

On the 1st of March I called tham up and they managed to put the payment through. I discussed with the Customer Service Officer that I was now worried that with it being March that they would record a late payment onto my credit file. The Customer Service Officer stated that she wasn't sure if this would be recorded but said she would put a note on my file.

In August 2012 I receieved a notification from my Experian credit report stating that NRAM had recorded this as a late payment and therefore this would now have an adverse affect on my credit file. I therefore sumitted a complaint to Experian and NRAM. Experian stated that this would have to be dealt with by NRAM. NRAM stated that they would investigate the complaint.

In september I applied for a loan of £10,000 and was refused by a well known loan company. This shocked me to the core. I was really upset by this as my wife and I really needed a helping hand financially and so this had a serious affect on us. I tried another company and this time after a 3 day process we were successful. The loan was approved and an interest rate was calculated using my credit file. (£10,000 over 5 years at 11%)

Today I recieved a letter from NRAM. They stated that at the time I tried to pay my mortgage in february they were implementing a new computer system and this was why I couldn't get through. They have stated that they will instruct Experian to remove this entry from my file and they have offered me £25.00 in recognition of the poor service we received.

My question is: When I applied for my loan the company calculated my APR using my credit report. My credit report at that time incorrectly showed a late payment on my mortgage. I believe that I would've been offered a lower rate on my loan if this fictional late payment wouldn't have been on there.

Do I have any recourse to apply for a higher rate of compensation? How would you guys approach a problem like this?

If your still reading this I really appreciate your time.

Thanks for listening?

Elliott130...

opinions4u

You're going to struggle to prove the rate that you might have got.

I think £25 is on the low side though. Nearer £100 seems more reasonable to me.

If you feel that you should be entitled to more request it. If you're not happy with their response you can escalate your complaint to the FOS.

As for your mortgage, could you pay by direct debit, standing order or send a bill payment? All these would have protected your credit file in the first place.

Simon_gloster

Simple but standard knowledge O4U. Having a DD or SO set up would have eliviated this problem.

UpCheckOneTwo

opinions4u wrote: »

You're going to struggle to prove the rate that you might have got.

I think £25 is on the low side though. Nearer £100 seems more reasonable to me.

If you feel that you should be entitled to more request it. If you're not happy with their response you can escalate your complaint to the FOS.

As for your mortgage, could you pay by direct debit, standing order or send a bill payment? All these would have protected your credit file in the first place.

Thank you for your reply. I have since set up a direct debit so as to protect myself. I agree that I should be entitled to a little more than that.

Thanks for your support and input,

Elliott130

UpCheckOneTwo

Simon_gloster wrote: »

Simple but standard knowledge O4U. Having a DD or SO set up would have eliviated this problem.

There were reasons as to why I didn't have a direct debit set up. I was in the process of changing bank accounts.

Thanks for your advice,

Elliott130

Simon_gloster

Some lenders (although I believe NRAM are not one of them) will allow negative equity purchases whether up or downsizing. You cant borrow anymore or increase LTV and have to find moving fees, but if you dont ask.......

kingstreet

Why didn't they just give the borrower the account and sort code numbers for their incoming payments account so he could ask his own bank to pay it via online or phone banking?

They show it on the website 60-95-83, 80092071. All the borrower needs to do is look at their mortgage account number and add that as the payee reference.

jamesml

Personally, I would go to the loans company and try and find out what the rate would have been had the late payment not been recorded. Explain the situation and try and get them to at least give you a ball park. Then I would work out what the difference in interest is and ask for that from NRAM.

DevCoder

Why would you do that, the lender has it's own internal scoring system so how would you be sure that the loan refusal was due to this "mark"

I think it would be a lot of time (and money) wasted as you couldn't prove the rejection was due to this mark unless the original lender stated as such, and even then the OP accepted a loan at a higher rate.

I would say, if it went the legal route, that the chances of success would be slim at best.

Simon_gloster

This thread now has nothing to do with what rate they would have got...complain complain complain!!!!!!!!!! It was in the past and we can never bring that moment back therefore every man and his dog can speculate all they like what the difference in rates were.

The upshot of it all if it went to court is that they didn't take reasonable steps to ensure payment for this contract was made when it should have been. Ringing ever couple of days and being to the payment system is down, hanging up etc is weak.

As kingstreet said, they should have called their bank who would have been more than accomodating to wire a transfer there and then.

Its not rocket science.

Thrugelmir

UpCheckOneTwo wrote: »

There were reasons as to why I didn't have a direct debit set up. I was in the process of changing bank accounts.

Though one assumes you had been paying by this method for some considerable time. So changing bank accounts is a weak reason to argue your point from.