NRAM Class Action on redress method.

ukblondie1

Not sure if the grouping of letters sounds positive, everyone should be given the same option. My last letter from fos said that Iwill get an update in two weeks' this will mean they should be writing this tomorrow at the latest.......

DevCoder

The update will probably be that they are still looking into it.

Initial contact with the FOS is not with an adjudicator, you have a first level "helper", only once avenues have been looked at and one party does not agree then it gets offered to an adjudicator.

Some of the waiting times are upwards of 24 months for an adjudication at present.

ukblondie1

Still no reply from fos.....

lennonc1

I have got my reply saying - unfortunately they are not taking my complaint any further, no explaination or anything!!! !!!!!!!!

The fos from what I know have not taken any complaint of nram any further. Even for loans over 25k that are now not regulated. Shocking but I knew it would happen, even more reason to complain as a group to the oft, I will get a petition together and will need as many names as possible....who's in?? NO complaint will be upheld by fos....

cot1198

Hi c

I'm in, although I have not had my letter from FOS yet, Have they rejected complaints based on unfair contract/redress method? As I think the over 25K complaints would come under unfair contract and I think I remember you put something about unfair contract in your complaint. Have they given no explanation at all?

lennonc1

Hiya, here is what his reasons were. - it didnt cover any of my points raised, nothing about unfair relationship etc...beggars belief really!

my reasons
NRAM announced that some of the documents relating to its unsecured loans were not compliant with the Consumer Credit Act. It agreed to remove the interest charged during the period in question and to adjust the balance of affected customers’ accounts. NRAM has written to Mr Aitchison and confirmed he is entitled to an adjustment.
In your submissions you have stated you would like the adjustment to be paid to Mr Aitchison by cheque. But that was not required by the agreement reached with the regulator. Further, the adjustment to the account seems to be a reasonable way of putting things right and is in line with the approach we would generally take where an adjustment is due on an account which has not yet been repaid in full.

It seems that as nram ad ukar have consulted with fsa and came to this arrangement. I will not accept this and they can pass to senior ombudsman. If I accept tr decision it's binding, so I won't I'll see where it goes next.

The over 25k loans are not bein upheld either and also said it wasn't mis sold...

andy.m_2

Unfortunately redress is designed to put you in the position you were in prior, possibly with an additional payment if deemed necessary by way of compensation.

Therefore, unless you took a cashback rewarded loan, you would be very unlikely to receive redress in the form of a one time payment, either the remaining monthly payment or the term (or both) would be reduced.


I'm not bashing you guys at all, go for it because you lose nowt for trying.

lennonc1

I knew it wouldn't happen but was worth asking and finding out.
I have discovered many things researching this and nram, ukar in general.
If you ask them for proof of a mortgage contract they cannot provide all parts required by law...this is still being looked at by someone more in the know than me, I am trying to stick up for the principle of it, that's all!

ukblondie1

I received a letter back from fos advising an adjudicator will be in touch....why would this be if the final answer on redress is only to the account?

cot1198

lennonc1 wrote: »

I knew it wouldn't happen but was worth asking and finding out.
I have discovered many things researching this and nram, ukar in general.
If you ask them for proof of a mortgage contract they cannot provide all parts required by law...this is still being looked at by someone more in the know than me, I am trying to stick up for the principle of it, that's all!

Hi C

How are you?
Have you gone any further with the FOS yet, I am still waiting to get a letter from them regarding my complaint.