NRAM Class Action on redress method.

lennonc1

manvdebt wrote: »

Unfortunately a Consumer Group has to meet certain complex criteria set out by the OFT. There are a few registered groups who could take action:

- Consumer Association (formerly Which?)
- Consumer Focus
- Citizens Advice Bureaux

Again, this would be a long and possibly costly process. There may well be other avenues that can be explored in the short term with little liability on our part.

My initial letter has went into NRAM with the standard response from them in a matter of days.

The next step for me to approach them in a slightly different manner and get them doing some work in order that I can get as much detail as possible before eventually going to the Financial Ombudsman.

What we need is as many complaints going into the FOS as possible.

A dedicated group of some sort would generate interest from the media etc and public exposure, however we would need a large number of group members and someone who has a bit of a presence within the industry. The financial industry unfortunately has a "job for the boys" culture.

How did you get on with your MP?

Going to put some details together to build up a case and decide on the best route forward.

I have spoke with the principle advocate at Which, I have to email all the details and he will personally pass to best person to deal with this. He was very nice and helpful. I will try and get something together to email him - if anyone wants to add please do!!!!

Also spoke with head of legal daniel hayes at ukar, actually surprised he spoke with me, he didn't really know his !!! from his elbow and didn't understand the 'mortgage' aspect of it so explained about 'together mortgage'. He asked for what we want answered in email, I'd asked him where within the law does it state company decides method of redress, he couldn't really answer much apart from 'it is best method for customers as it benefits them more, and asked for email. - please contribute to this email too!!!!

Have called fos to start complaint process with them and lady thought it was terrible they have not followed complaint procedure properly by sending out non personal final response, just a basic final response, so just trying to get as much info to put in and will post my letter to them later today,
Thanks guys!!

ClaretMatt_2

Hi all

NRAM CCJ'd me in July 2008 in relation to arrears on the unsecured loan (in order to secure it, bizarrely)

I know I haven't got long to wait for it to drop off the credit file now anyway, but what chance do I have given the circumstances of successfully obtaining a set-aside?

Many thanks for any help

Matt

lennonc1

You would need to check if it is affected by cca non compliance, have you been paying it? If you have and loans affected you will be due refund and have a big case for having it set aside as they cannot act on unenforcable loans with regards to arrears/defaults etc. You can also insist that teu remove any information regarding unenforcable loan to be removed from your credit file. Let us know how you get on, best of luck!

ClaretMatt_2

Hi Lennonc1

Yes I still have the loan and the financial problems I was having are now a distant memory. NRAM wrote to me to tell me I would be getting redress and I'm just waiting at this time to hear how much.

I'm thinking about going for the set aside anyway, AFAIK it doesn't cost much to ask the question and there's almost no down side. (correct me if I'm wrong by all means!)

manvdebt

I have spoke with the principle advocate at Which...

Well done in your efforts! The more people who have contacts in the industry the better.

I am currently in negotiations with them and will update more details as soon as I can make them available.

@ClaretMatt, if you owe them money and are in arrears you will unfortunately not be able to negotiate redress payment method as they are within their rights to offset it against the bad debt, however, your example is perfect as to why NRAM's non-compliance and unlawful taking of payments not due has had a knock-on effect. If you can start a new thread and post the link here, it will stop the two threads becoming entangled and we can discuss your options and get help from others more in the know.

@lennonC1, feel free to use the points raised above in my earlier posts for your email.

manvdebt

Still not able to post links, extracts taken from CHANCELLOR-financial-services.pdf on parliment.co.uk website.

UK Asset Resolution (UKAR) has identified certain Consumer Credit Act (CCA) regulated loans in the Northern Rock Asset Management (NRAM) portfolio where the loan documentation is not compliant with CCA requirements.

UKAR has undertaken an internal investigation and has consulted with legal
counsel, the Financial Services Authority (FSA), the Office of Fair Trading (OFT),
UK Financial Investments (UKFI) and the Treasury. Following this, the UKAR Board
has recommended making proactive restitution to affected NRAM customers in
receipt of non-compliant statements and default notices relating to CCAregulated loans.

UKAR has confirmed that NRAM has the financial resources to make the
remediation. NRAM’s interim financial results for the 6 months to June 2012
show a statutory profit before taxation of £305m and NRAM is expected to
remain profitable in 2012.

Last quote says it all. No doubt some of NRAM's profiteering has come from the payments taken illegally from consumers!

lennonc1

Yes I had seen all that on the website, I'd posted a lengthy post on other thread about how they remain profitable, I would like to know exactly how much interest they have accrued on our payments over the past four years!! For that alone, must be over half a million probably a lot more!

lennonc1

Interesting -

http://www.consumerfocus.org.uk/files/2010/12/Waiting-to-be-heard.pdf

Stupid_Question

lennonc1 wrote: »

Interesting -

http://www.consumerfocus.org.uk/files/2010/12/Waiting-to-be-heard.pdf

I'm not sure of the relevance?

lennonc1

Yes but manvdebt will!!
It is more to do with the prospect of a bill early 2013 that means consumer will have more rights or clarification of those rights. If this was clear from the outset what our rights were in this matter then I wouldn't be here gathering information to find out what our rights are and doing something about it!