MSE News: Northern Rock pays £270m to 150,000 after gaffe 11 December 2012 at 7:09PM edited 11 December 2012 at 7:52PM in Loans 1.4K replies 242.2K views

Former_MSE_Helen

"Around 152,000 Northern Rock customers will get an average £1,775 compensation due to a paperwork error..."

Read the full story:

Northern Rock pays £270m to 150,000 after gaffe

Billy-no-Money

Well, after getting all excited I checked the link and it confirms that loans with a 16-digit account number aren't affected - just checked my paperwork and, you guessed, 16 digits.......

Never mind!

keithboy40

Knowing my luck, i'll end up owing them.

gazcarter123

the reports make it sound like you'll get some cash, but they'll just take it off your existing balance.

LovesickFerret

My husband and I had two personal loans with Northern Rock. Both were ten year loans which we paid off in full early in Spring 2011 and then moved house. We have since moving disposed of all the paperwork which was relevant to the two loans and Northern Rock do not have our new address!
I believe we are eligible for some sort of pay out, but am not sure how best to proceed with this! Can anyone advise me on this, please?
Thank you.
Jane.

Tiglath

DH has a current loan with them - we'll see what the postie brings over the next few days.

vin_

From what I understand this compensation will only be paid out to those who have unsecured loans of under £25000 as these loans are regulated by CCA 1974. I assume this rules me out as the unsecured loan I took out with NR in Jan 2007 was for more than that amount. However, I had a look at my loan agreement tonight and it clearly states that it is regulated by CCA 1974. So I'm a bit confused why payment will only be made to those with loans under £25000!?
I will contact NRAM but as the site states I wont be able to get any information specific to my loan at this stage!
I'm just wondering if anybody out there is in the same boat?

geeka

i have 4 loans with varying values totalling about 23k, wonder how that will effect me?

geeka

look at this link it says for secured loans

http://www.itv.com/news/2012-12-11/northern-rock-are-you-entitled-to-compensation/

vin_ wrote: »

From what I understand this compensation will only be paid out to those who have unsecured loans of under £25000 as these loans are regulated by CCA 1974. I assume this rules me out as the unsecured loan I took out with NR in Jan 2007 was for more than that amount. However, I had a look at my loan agreement tonight and it clearly states that it is regulated by CCA 1974. So I'm a bit confused why payment will only be made to those with loans under £25000!?
I will contact NRAM but as the site states I wont be able to get any information specific to my loan at this stage!
I'm just wondering if anybody out there is in the same boat?

geeka

and this on NRam website, think its a see if you get a letter. i'll let you know if i get anything. other people do so as well so we can get a better idea of what falls in and out of the criteria

Is my loan CCA regulated?At this stage, we cannot confirm if your loan is regulated under the CCA. The CCA is a complex piece of regulation that covers many secured and unsecured loans taken out by customers with the former Northern Rock plc

geeka wrote: »

look at this link it says for secured loans

http://www.itv.com/news/2012-12-11/northern-rock-are-you-entitled-to-compensation/

Tiglath

The Beeb is saying that many (but not all) of the loans were in conjunction with mortgages, in which case no doubt they were secured. Ours definitely wasn't - 10 year unsecured taken out in 2006.