Northern Rock PPI Letter

Alpine_Star

insiderinfo2012 wrote: »

as my user name suggests I have insider info about this.

NRAM have begun a massive review of PPI on unsecured loans and the response has been terrific.

I think this is correct.

This will be a customer contact exercise some lenders are required to undertake under the Root Cause Analysis (RCA) requirements of the FSA's PPI Policy Statement 10/12.

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

As of November last year the FSA told me, in response to a request under the Freedom of Information Act, that so far 4 firms had begun or intended to begin RCA customer contact exercises and it looks like NRAM are one of them.

''For point 4 of your request, based on the recorded information that we hold, the FSA is aware of 4 firms who have either (i) initiated customer contact exercises or (ii) indicated an intention to do so. However, please note that the FSA has not, at this stage, actively been seeking or verifying information on this aspect of firms’ activities, given that we intend to monitor firms’ compliance with our RCA requirements, from early 2012. Therefore this figure cannot be considered an accurate total of the number of firms who have initiated customer contact exercises in line with our guidance set out in PS 10/12 or intend to do so.''

hasmatt

lgb2100 wrote: »

Fearing it was a Scam - I contacted NRAM based @ Gosforth, and told them of the situation, etc...

I gave them the 0800 number, address, etc in my original letter, in order for the Gosforth Advisor to Investigate.

She returned a call, stating that this 'NRAM' company was genuine, and working on behalf of NRAM.

So hopefully as my 12 weeks have passed, I should be contacted soon !!!!

i to sent mine to the 0800 number and address so do not worry got mine this morning.

BLUEBIE

I sent mine back in November, my loan is still running, now this month on my bank statement its changed from the name Northern rock taking the repayment to NRAM. This is the first month they have done this.

I wonder if it means my claim has finally been looked at?

B

wenwoocat

I had a letter back today saying they were giving me my ppi back. Bit worried as they want my bank details. Why cant they just issue a cheque? I never applied for this from Northern Rock but did have a loan with them some years ago, and they wrote to me about Oct 2011. I did fill the form in that they sent but had forgotten about it. How do you check that this is not a fake?

wenwoocat

Been reading thru this thread with interest. I have been offered £224 back on an £8000 loan i had with them. Others on here that had similar loan amount have been offered a lot more i.e £1000+. Should i challenge the amount they are offering or just be gratefull for the £224??? I did pay the loan off early, maybe thats the reason???

Gordo5tim

Does anybody know if nram take a percentage? And my letter says i can call them to make my claim or do you still need to complete form to?

cyclingdj

I have a letter of settlement from NRAM PPI Review team. I too filled out the paperwork (really just ticked boxes)which was sent to me back in November. Being a pessimist I did not expect anything back and now for a £5000.00 loan I am supposedly entitled to £866.00, as with previous threads am a bit concerned to give out bank details (was expecting a cheque to attached to the last page) and it seems many people are waiting to get paid, wondering if they will get or have been charged 30% fee. They do have my loan number which I never supplied to them which makes me beleive, but if there are any Happy fully refunded NRAM Persons out there it would be nice to know.:p

daveyadams

BLUEBIE wrote: »

I sent mine back in November, my loan is still running, now this month on my bank statement its changed from the name Northern rock taking the repayment to NRAM. This is the first month they have done this.

I wonder if it means my claim has finally been looked at?

B

All payments to Northern Rock for accounts that are managed by NRAM will change this month.
You should have had a letter off them telling you that your direct debit will switch to NRAM from now on. It's the final part of the splitting of the bank from "Northern Rock".

Bounce12

cyclingdj wrote: »

I have a letter of settlement from NRAM PPI Review team. I too filled out the paperwork (really just ticked boxes)which was sent to me back in November. Being a pessimist I did not expect anything back and now for a £5000.00 loan I am supposedly entitled to £866.00, as with previous threads am a bit concerned to give out bank details (was expecting a cheque to attached to the last page) and it seems many people are waiting to get paid, wondering if they will get or have been charged 30% fee. They do have my loan number which I never supplied to them which makes me beleive, but if there are any Happy fully refunded NRAM Persons out there it would be nice to know.:p

I have had a PPI complaint running with Northern Rock/NRAM since October 2010- I have never experienced such bad treatment from a company- and I am still waiting for an apology and my refund althought they accepted mis selling PPI on 3 loans

Bounce12

rush2112col wrote: »

If anyone is thinking of phoning NRAM then I would`nt bother. They are about as much use as a chocolate teapot!!!!!!!!

i totally agree- they have cost me a fortune in phone bills, letters and my valuable time- even though they admitted they were at fault- I started this in October 2010!!