Important information about NRAM CCA regulated loans - updated April 2015

Please note - in respect of loans taken out before 6 April 2008, the CCA regulations only apply where the amount we agreed to lend you (the amount of credit) was £25,000 or less.

In 2012 we reviewed the communications that had been sent to customers holding secured and unsecured loans that are regulated under the Consumer Credit Act (CCA).

This review highlighted that some of these communications did not comply with all the requirements prescribed by the CCA. Certain paragraphs of mandatory wording were written incorrectly in a range of documentation that was sent to customers, and information about the amount of credit was not included in account statements.

We wrote to affected NRAM customers, providing specific details about the impact on their loan account which may have included the amount of redress, revised monthly payments and revised term end date where applicable.

A further review in 2014 revealed that the non-compliance with CCA requirements took place over a longer period of time than we previously believed. We have therefore written to all customers affected by this further review, to outline how we have corrected these issues, by providing updated account documentation for example.

In April 2015 we extended our review to include accounts now closed – those that have been redeemed (fully paid off) and those accounts closed with a shortfall amount still outstanding. We will write to all customers affected by this extended review between April and June 2015. Click here for more details.

The above letters all provide specific details about the impact on specific loan accounts and may include an amount of redress, revised monthly payments and revised term end where applicable.

You can find more important information in the following sections: