Northern rock loan over £25,000

NorthernRockVictim · 13 January 2015 at 7:44PM

They already have permission to appeal, the statutory 21 days expired on the 31st December, but they sought an extension until tomorrow. If no appeal is filed tomorrow then the judgement stands.

curlybun · 13 January 2015 at 8:51PM

Question: was the high court ruling only for NRAM customers who had arrears on their loans?

NorthernRockVictim · 13 January 2015 at 8:56PM

Answer: Definitely not, but any accrued interest due to arrears MAY work to your advantage.

keg1keg · 13 January 2015 at 9:51PM

The press seem to be fixed on an average sum of £6000. I think this figure is quite low if all the interest is paid back. Anyone else feel the same ? Or can give me an idea on how this amount was worked out, thanks.

NorthernRockVictim · 13 January 2015 at 10:02PM

I think it's a reasonably assessed average, but you must remember that the refunded interest is only applicable from the 2008 non-compliance date, not the commencement of the loan agreement.

carlyberyl · 13 January 2015 at 10:05PM

I have a question...
In 2009 we fell into financial hardship as I've previously mentioned. We contacted northern rock to ask if they would freeze the interest just for a few months until we could get back on our feet but they refused point blank, their customer service is disgraceful, not helpful in the slightest.
So, we had to go on a payment plan with a company but there was only northern rock that continued to keep adding interest onto the fixed reduced payment which started building up. We've never missed a payment, ever, not even when struggling. But they then were the only company to leave bad marks on our credit files...
So the question is, if they don't appeal and the judgement still stands that the interest was never enforceable can we seek compensation for ruining our credit report? If the interest should never have been applied, that means our payments would have been a lot lower and affordable! So they wrongly left prints on our credit files!
I'm sure we aren't the only ones in this position though which is sad really. I hope they do have to pay out because they should have been closed down years ago.

bigfudge · 13 January 2015 at 10:18PM

We could all contact the press office tomorrow on the following email address.

PressOffice@bbg.co.uk

And request confirmation, I have also contacted several newspapers who have said they will look to follow up on the original judgement on December 14th, we need to force a statement.

I don't think they will appeal but will delay announcements, I have also contacted the high court and as of today no appeal has been lodged.

si2winit · 14 January 2015 at 9:55AM

Well, fingers crossed today guys.

Hopefully some sort of announcement soon.

Fizzy_Fish · 14 January 2015 at 12:31PM

I was involved in this thread in 2012/13 and spent a huge amount of time (along with others) trying to understand the situation we found ourselves in and the avenues available to us to get something one about it.

Living overseas I'd managed to miss the developments of the last few months, so imagine my surprise when I googled NRAM on the off chance today and found out what has happened!

I'm still not counting on anything, but it's been great to see that someone (the high court judge) has FINALLY taken this seriously, and stated what was flippin obvious to the rest of us for 2 yrs - we should be treated as CCA since our agreements state that they are CCA regulated loans

So a big thanks to those who have carried on the good work to keep this in the spotlight, and everyone who took the time to complain, as all the frustrating FOS forms and irritatingly daft NRAM and FOS responses that we've had to put up with seem to have served the purpose of getting this on the radar!

Keeping fingers crossed for the next steps from here...

Dave-80 · 14 January 2015 at 1:10PM

Loans over £25,000

Important information for customers who took out loans where the amount we agreed to lend exceeded £25,000
Last updated : January 2015
For loans taken out before 6 April 2008, the Consumer Credit Act (CCA) only applies where the amount we agreed to lend you (the amount of credit) was £25,000 or less.
Historically, some NRAM customers took out unsecured loans for over £25k on documents which incorrectly stated these loans were regulated under the Consumer Credit Act (CCA). It was unclear whether those customers were entitled to the same rights and remedies as customers who took out loans that were regulated under the CCA. As NRAM is fully committed to acting in accordance with the law and treating both customers and the tax payer fairly, NRAM asked the High Court for a declaration of the meaning of those agreements.
The Court has looked at one of the relevant agreements and has decided that it means the customer is entitled to the rights and remedies applicable to a regulated agreement (in so far as this is possible).
The NRAM Board has considered the impact of the judgment and after taking into account legal advice and wider commercial factors, has decided to seek leave to appeal to obtain legal clarity and secure a fair outcome for both customers and taxpayers.
If leave to appeal is granted, this does not determine whether NRAM will appeal or not. A further decision would be made by the NRAM Board on whether to appeal at that stage.
We have been advised that the leave to appeal process is likely to take three to four months to complete. If the Court allows leave to appeal and we decide to progress it could take up to 15 months

Northern rock loan over £25,000

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