Northern rock loan over £25,000

downhiller

GhIFA wrote: »

kaybo69 wrote: »

The fact that many of us are being forced to delink and therefore pay the higher interest rate is totally unfair as it is not us who created the situation that led to the formation of NRAM and that they do not offer new products. Do I want to be with NRAM? No! Can I get a new product with them? No ! Can I remortgage elsewhere? Not unless I want to pay 13% on my unsecured loan! Can I let my house out? Not unless I pay £200 and then the newly introduced annual fee! Basically I am between a rock and a hard place !
Therefore, to soften the blow a nice refund of 6.5 years worth of interest would be a nice little sweetener!
NRAM may be government owned but it is still paying fat salaries to the fat cats who work there. Do those management care what they drain from the company? Thought not!
As an IFA, Ghifa, I'm sure you have had your fair share of commission from advising on these toxic products and now appear to be just laughing and speaking down to those of us who have come on this site with some hope of easing the pain ![/QUOTE]

As I said the other day, I have voiced my opinions about the circumstances which led to the formation of NRAM, which I'm entitled to, so am not getting into that again. However, in response to your inference, you are wrong - firstly I am fee based (which are clearly disclosed and agreed to before any advice is given) and have been for many years, so I don't receive commission payments. Secondly, no, I have never advised clients to take out these type of products - Borrowing 100% or more of a property value has always been a model I have felt uncomfortable with for the very reasons that many have set out in this thread, and therefore have never advised clients to take, in fact I have actively discouraged.

Unless you have a £25k+ unsecured NRAM loan, or you have something constructive to say instead of your sanctimonious preaching, could you adhere to your earlier statement and bow out of this thread instead of trolling?

rmart

wev'e heard enough from you thanks mr IFA.

bigbadwolf500

^ This. Shame there isn't an ignore button like you find on some forums

rmart

email sent to NRAM

Dear Sirs,

Thank you for the reply.

I would like you to note on my file that I demand the protection of the CCA 1974 as it states on my loan agreement that I am covered by the act.

I also signed for the loan based on that agreement and the protection it offers. I should be treated in exactly the same way as those with loans under £25,000.

Kind regards.

Chrisb80

I too emailed NRAM originally and got a standard response from them that didn’t answer any questions.

I emailed them again last night after not receiving a letter to demand that they clarify the situation. I have asked the following:

1. To confirm that they are not treating my loan as though it were CCA protected, despite a signed contact to the contrary.
2. If this is the case, do I now have an unprotected/unregulated loan that was misrepresented in the first instance?
3. If I have no protection under the CCA despite my documentation telling me so and NRAM do not afford me this protection, are they not in breach of contract?

I have demand a formal response so that I can complain to the Financial Ombudsman is necessary. If I’m being honest I’m not expecting them to come back with a response...

downhiller

they must be bricking it

Surely the easier option is to extend us the same protection as the sub 25k loans instead of risking a spate of mis-selling claims.

I'm heavily involved in contract disputes as part of my job, and based on my experience, this is a pretty clear cut case of breach of contract and mis-selling.

Johnmcl7

bigbadwolf500 wrote: »

^ This. Shame there isn't an ignore button like you find on some forums

There is - click UserCP on the green bar near the top of the forum and down a bit on the left hand side is an option 'Edit ignore list'. In this section you can add people to your ignore list so when anyone in that list posts, you can see they posted but not the content unless you click to reveal it.

John

bigbadwolf500

Thanks Chrisb80

Just emailed them this -

Ref - **********

I am yet to receive a reply to my email sent below, and as I have not yet received a letter clarifying my position regarding the CCA 1994 protection, I demand a response to the following questions

1. Are you treating my loan as though it were not CCA protected, despite a signed contract to the contrary?

2. If this is the case, do I now have an unprotected/unregulated loan that was misrepresented in the first instance?

3. If I have no protection under the CCA despite my loan documentation telling me so and NRAM do not afford me this protection, are NRAM not in breach of contract?

I demand a formal response so that I can complain to the Financial Ombudsman is necessary

Yours sincerely

rmart

I really would have thought Martin Lewis would be all over this. Its a great bit of news for the telly. Uncovering loads of loans written incorrectly and now the bank trying to wriggle out of it.

bigbadwolf500

Is there a way to make him aware of this thread?