NRAM plc v McAdam & Hartley – NRAM Board decides to appeal

06 Mar 2015

NRAM plc previously disclosed that it had commenced declaratory proceedings in the High Court to determine whether customers who took out unsecured loans above the Consumer Credit Act 1974 (CCA) regulated cap of £25,000 and that were written on CCA documentation are entitled to similar rights and remedies as those who took out loans that were regulated by the CCA.

Following the initial High Court judgment, the NRAM Board sought leave to appeal in order to obtain full legal clarity.  Leave to appeal was granted and the NRAM Board, after considering legal advice and the implications for both customers and taxpayers, has decided to pursue an appeal.  This will be heard by the Court of Appeal at the end of April 2015 with the outcome expected to be before the end of July 2015. 

When the process is complete, and we have determined the appropriate course of action,  we will provide a further update and confirm any actions we are taking.

Richard Banks, Chief Executive Officer of UKAR, commented:

“We sought leave to appeal as we have a duty to the taxpayer to safeguard public money and no financial detriment has been suffered by customers.  Having carefully considered legal advice, we have decided to appeal the High Court’s decision.  Customers do not need to act at this stage.  If any redress becomes due, we will write to all those affected to advise on next steps.”

Media Contact: Investor Relations Contact:
   
Brunswick UKAR
   
Jonathan Glass / Nick Cosgrove
Tel: +44 20 7404 5959
Email: ukar@brunswickgroup.com
Neil Vanham
Tel: +44 1274 806 341
Email: neil.vanham@ukar.co.uk

NOTES TO EDITORS

UK Asset Resolution Limited (UKAR)
UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley (B&B) and NRAM to maximise value for taxpayers, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty. Further information about UKAR is available at www.ukar.co.uk.

Websites:
www.ukar.co.uk
www.nram.co.uk

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