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

BEAKER654

Hi Lennon, I am also in Glasgow. Would be interesting to seek some free legal advice to see if there is any point in doing this. I will of course send my complaint to FOS and see what they say first. PM me your email address if you like and we can discuss this class action as I am sure there are hundreds more glaswegians in the exact same boat as ourselves.

lennonc1

Yes of course I will pm my details to you, I am looking to speak to govan law centre as principle solicitor there has wrote a paper on this kind of thing!

lennonc1

BEAKER654 wrote: »

Hi Lennon, I am also in Glasgow. Would be interesting to seek some free legal advice to see if there is any point in doing this. I will of course send my complaint to FOS and see what they say first. PM me your email address if you like and we can discuss this class action as I am sure there are hundreds more glaswegians in the exact same boat as ourselves.

Hiya can you let me know if you got my pm, dont think it is letting me send it!

cot1198

This is what I put on the FOS complaint form:

We are writing to complain that we do not wish to receive any redress due to us due to NRAM's breach of CCA regulations regarding our unsecured loan by way of taking the amount due off our existing loan balance and reducing the loan term. We wish it to be paid directly to us in the form of a cheque as customers who have repaid their loans will be. We do not see why we should be treated any differently to customers who have repaid their loans and feel by not giving us any choice other than reducing our balance we are not being treated as equally as ex customers or indeed fairly. we do not feel that reducing our balance fully compensates usfor the financial loss we suffered. Money was taken in interest from our bank account over the period of non compliance and we feel it only fair that it returns there we would also ask that as NRAM has deprived us of this money and now must return it that statatory interest is added. On completion of the loan we agreed to a term of loan and signed accordingly. We would therefore prefer to be repaid the amount that has been taken and shouldn't have been and any interest so that the original term of the agreement still exists. We have also asked that our balance is not reduced with the redress until this matter is resolved

2522laura

Sorry if this has been asked recently but have any ex-nram customers had letters yet? I called and the 6 weeks is up next week but have never received any communication from them. Should I call again? I know I am definately included even though when I called they said they would 'investigate'

Thanks :0)

drussmonkey

lauraeast23 wrote: »

I did not know this - when did this change ?
And due to the ltv they will not CTL for longer than 1 year....

This is outrageous, people are trying to make the best of a bad situation and we just get it shoved right back in our faces

The terms sneakily changed from December 2012. They also appear to have removed the indefinite consent to let (which was a £250 one-off), so even if you get the LTV down to 70% it still looks like they're going to be banking a yearly fee.

The associated guff says something about it 'reflecting the cost of increased risk' blahblahblah, but is clearly a premium as I'm sure it will be applied generically based on LTV rather than on the repayment history of the individual. I have always overpaid, never missed a payment, and am basically a dream customer. I have no doubt the fee will be applied as a calculation of my outstanding balance.

I've been renting mine out for over 2 years now, and the rent hasn't yet cleared the mortgage interest and expenses, so my losses have been carried over by my accountant. So even with these extra rip-off fees I still won't be paying tax on my rental income even when it is net profitable for quite a while. That's something at least.

Actually I've just decided to create a new thread to specifically address this charge. I think it's worthy of discussion and publication.

chips78

2522laura wrote: »

Sorry if this has been asked recently but have any ex-nram customers had letters yet? I called and the 6 weeks is up next week but have never received any communication from them. Should I call again? I know I am definately included even though when I called they said they would 'investigate'

Thanks :0)

A new thread has been set up for ex Nram people

https://forums.moneysavingexpert.com/discussion/comment/59845489#Comment_59845489

lennonc1

Hiya, yes I would call them again, as far as I'm aware no ex nram customers have dealt with yet, I think they will keep hanging on for as long as possible!

jimmy1000

again

i was the first person to suggest NRAM would reduce balance
and under NO circumstances give out cheques/postal orders/or milk vouchers-

i suggested that FAT cat Lawyers have taken care of procedures fron NRAM they are using Eversheds-unfortunatley for us -the tow bit lawyers(lemons etc) have been using have got lower standing in the legal frame!!

they are NOT going to pay out two individuals, otherwise they would have to pay out 270 MILLION IN CASH-

I suuport NRAM 110% they have won-simply as that-!!!!:money:

jimmy1000

Glasgow77 wrote: »

Jimmy

That's now a 2556 a 2985 and a 3095 redress you have had lol.


I think if I was at the wind up I would remember what I had said in previous posts lol.


Safe to say you are talking p*sh but we all knew that anyway didn't we

simply-they made two mistakes in calcualting my reduction..

NRAM is the way forward admitting their mistakes and then correcting them!!!

best regards:A