NRAM or Virgin Money, why did i not get to choose which i wanted?

doober

Just a quick question, I am a Northern Rock customer who has now become a Virgin Money customer why did i not get to choose which company i wanted my mortgage to be held by? only asking as i am facing a £4400 erc when i could have paid nothing if i was an NRAM customer. I never wanted to be Virgin customer so why have i been forced into a contract with them?

Gary123456790

Your mortgage account can be 'sold' from one company to another, but they cant break the original contract.

What did you Key Facts document say when you took out the mortgage?

Gary.

opinions4u

Basically because the government wanted the split to be as painless as possible administratively.

Getting several hundred thousand people to choose costs money. And if the proportions of people choosing didn't tie in with the assets and liabilities of the "good" bank then giving choice wouldn't have sold the problem of Northern Rock.

Virgin bought your lender. Your T&Cs have been upheld. So you've not been scammed / conned / robbed.

Many who've ended up with NRAM have been stuffed by inflexibility in other ways.

Some you win. Some you draw. Sounds like you've drawn.

Thrugelmir

doober wrote: »

only asking as i am facing a £4400 erc when i could have paid nothing if i was an NRAM customer.

Many customers left with NRAM are unable to do so. Despite the no ERC. Your mortgage was sold on as you were in the less riskier pool of borrowers and your mortgage hadn't been sold on previously.

mrchiggles

Indeed, there are many NRAM customers who are desperate to take further borrowing but can't because NRAM won't lend any more money to them. You've just ended up on the wrong side of things for your personal situation.

On the upside you have access to the new swanky Virgin lounges in various cities

skiking

NRAM and BBG are the 'toxic' debt and are under a company called UKAR (owned by the Government). Virgin Money bought the 'good' debt (Northern Rock). VM are in the process of buying a number of mortgages back off UKAR. It was in the press back end of last week.

StuC75

You should be pleased to have been moved to Virgin Money; as per other posters, its the 'toxic' / higher risk accounts that remain with NRAM.

As long as virgin administer your account as per your original T&C's, what is the problem?