NRAM plc v McAdam & Hartley – Court of Appeal decision in favour of NRAM

23 Jul 2015

NRAM notes the judgment made today by the Court of Appeal confirming that customers who took out unsecured loans of more than £25,000 under agreements that incorrectly stated these loans were regulated under the CCA,  are not entitled to the same rights and remedies as those customers who took out loans that were regulated under the CCA.

Richard Banks, Chief Executive Officer of UKAR, commented:

“NRAM is committed to acting in full accordance with the law and to treating customers and taxpayers fairly.  For this reason, we sought clarification of the law by conducting a case in the High Court and subsequently the Court of Appeal. The Court of Appeal ruled in favour of NRAM, confirming that customers who took out unsecured loans of more than £25,000 under agreements that incorrectly stated these loans were regulated under the CCA, are not entitled to the same rights and remedies as those customers who took out loans that were regulated under the CCA.”

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 atwww.ukar.co.uk.

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

Press releases

UKAR Interim Results Announcement 2017
30 Nov 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Limited ('NRAM') today issues its interim results for the six months ended 30 September 2017 ('H1 2017/18').
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UKAR Annual Report & Accounts 2017
04 Jul 2017
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and NRAM Ltd ('NRAM') today issues its results for the year ended 31 March 2017 (‘2016/17').
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Board Changes
27 Jun 2017
UK Asset Resolution Ltd (“UKAR”) announces that Michael Buckley has today retired from his role as Non-Executive Director from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited.
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Board Change
06 Apr 2017
The Boards of UK Asset Resolution Ltd, Bradford & Bingley plc and NRAM Ltd announce the appointment of Peter Norton as a Non-Executive Director of each Company, with immediate effect.
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UK Asset Resolution announces sale of Bradford & Bingley assets for £11.8 billion
31 Mar 2017
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone.
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Board Change
01 Mar 2017
UK Asset Resolution Ltd (“UKAR”) today announces that David Lunn, a Non-Executive Director appointed by UK Financial Investments Ltd (”UKFI”), stepped down on 28 February 2017 from the Boards of UKAR, Bradford & Bingley plc and NRAM Limited to take up a new position within HM Treasury.
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