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NRAM help please

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  • 3 weeks later...

Ok guys, I'm getting frustrated by this so have involved my local MP, back in April he contacted Mr Sajid Javid of the HM Treasury. He explained that the government do not get involved with "commercial matters" and manage NRAM at arms length.


I don't believe this is a commercial matter, this is a loan agreement that is set with unfair terms as does not suit the economic environment that we find ourselves in.


First email below is to my local MP, mainly keeping him involved but also providing an opions on Mr. Javids' comment about this being a commercial matter. The second email was sent to Richard Banks, CEO of UKAR.


I am awaiting a response on both.


I will keep you posted on the answers




Dear Mr, Murphy,


I hope you are well?


Just to let you know that I haven't given up on this matter.


As explained before there are many others who find themselves in the same situation as me.


The FOS are rejecting all complaints made by all other making an assumption that we would have committed to the loan anyway even if we were made aware that the loan was not regulated by the CCA.. So not being happy with that outcome I have now contacted Richard Banks, CEO and Mr Hayes, Head of legal of UKAR to discuss my issues further. A copy of this email is below.


People seem to be missing a very clear point here its not just a "commercial matter", it’s a contract causing entrapment into unfair terms.


Im trapped in a mortgage where on a standard variable rate, where if the BOE interest rate rises, I can no longer afford my home. I would be more than happy to my mortgage business else where to a new lender, to provide me with security, but with the unfair terms of the mortgage / unsecure loan product this cannot be achieved. The government should be stepping in to support consumers like myself who are trapped.


I am really interested if you feel if this is actually a commercial matter or not. I totally see maybe an incorrect loan contract being a commercial matter, but there is a much bigger picture here with the knock on effects of the unfair terms.


I look forward to your reply,


Best Regards,


Matt Thomas



Dear Mr. Banks and Mr Hayes,


I have given up on my usual approach of contacting NRAM to discuss a few issues I have with the way they operate.


I have two very clear subjects, that I need to discuss, with senior members of the NRAM management team, and I believe UKAR manage NRAM:



In 2007 I signed a credit agreement for Norther Rock Together product, where its clearly stated on multiple areas of the agreements, that the loan I was agreeing to was protected by CCA1974, however this is was untrue. NRAM now take the stance that only credit agreements below £25,000 can be regulated by the CCA1974. My agreement was for £30,000 originally so therefore i'm subject to an incorrect loan agreement, which has been misrepresented.


I would like to move my mortgage product away from NRAM. However, as the products I hold with them are made up of a mortgage and unsecured loan, if my mortgage is moved away from them, they will load the unsecure loan with an additional 8.00% APR. Therefore this ties me into them, as no other lender will consider remortgaging with an unsecured loan with NRAM on a credit file. NRAM no longer offer new mortgage products, therefore I am stuck on a standard variable rate, so if the BOE interest rate rises, I have no protection or opportunity of fixing interest rates on either my mortgage or unsecured loan product. Therefore it’s possible that I could lose my house, on the account of affordability should interest rates rise again. Do you class this as fair terms?? Originally when the loan contract was signed, Northern Rock were providing products to existing customers, however as they no longer offer any products how can they possibly enforce such a hike in interest.


So the advisors at NRAM are not interested to discuss these issues, the FOS wont intervene, and I have even been in touch with Mr. Sajid Javid who can’t comment on commercial matters, and explained he that the government operate at arms length from these sort of matters.


I would be very much interested to hear your advice on these matters, as nobody else can seem to help or wish to discuss these issues in further detail.


Gone are the days when you can pop into a branch to see someone or have a meeting face to face to discuss issues of this severity.


I would really appreciate a response from you.


Yours Sincerely,

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