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NRAM - couldn't care less
davp
Posts: 8 Forumite
Has anyone had any experience of reclaiming mortgage exit fees from NRAM? They took two and a half years to tell me I didn't have a case, and a phone call made clear their contempt for ex-customers. A bad bank in more than one way. What a shower! FOS next stop.
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I have no experience of this, however have been with nram for very long time and I am so disappointed with their service. I am about to write a post about them, as I'm at the end of my tether and they don't care about anyone0
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NRAM is not a commercial lender.
It is there to recover money for the taxpayer and it is actually good at doing that.
The only way you "recover" an exit fee is if the amount of the fee changed from the point you took out the mortgage to the point you paid it back. Lenders are allowed to charge only what they told you they would charge.
If the fee was £95 at the outset and went up to £195 by exit, you could reclaim the £100 difference.
Josie - would you like to tell us your problem and see if anyone has any ideas? A new thread would be the best approach to that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That is my position but they have dug in their heels. No, you're right, it is not a commercial lender: it is a "bad bank", not there so much to recover money but to deal with the consequences of the recklessness of its original parent; and its indifference not to say contempt for NR's past customers, and clearly its current ones (Josie's post) is clear.kingstreet wrote: »NRAM is not a commercial lender.
It is there to recover money for the taxpayer and it is actually good at doing that.
The only way you "recover" an exit fee is if the amount of the fee changed from the point you took out the mortgage to the point you paid it back. Lenders are allowed to charge only what they told you they would charge.
If the fee was £95 at the outset and went up to £195 by exit, you could reclaim the £100 difference.
Hopefully the FOS will force them to make good their overcharging. Most companies in the finance sector are not exactly strong on customer service, but we can see what happens when one doesn't have to care about customers anymore.0
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