Important information about NRAM CCA regulated loans
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.
We are continuing to review the communications that have been sent to customers holding secured and unsecured loans that are regulated under the Consumer Credit Act (CCA).
Our review has 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 have now written to all existing NRAM customers, providing specific details about the impact on their loan account which may include the amount of redress, revised monthly payments and revised term end date if applicable.
We are now focusing our attention on redeemed customers and will write to those who are affected in July 2013.
Please be assured that we are doing everything possible to resolve this matter and that there is no need for you to take any action.
You can find more important information in the following sections: