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

Plastikman80

goaten2000 wrote: »

not strictly true. The arrears would have been on the mortgage part as well as the loan part. I'm not 100% how this appears on the credit file (whether it's two seperate records or one combined record) but assuming it's a combined record, the arrears would still apply to the mortgage part.

I paid the mortgage part of the loan off in January 2012 when I moved it to RBS buy to let. I left myself with approx. £7000 unsecured loan with NRAM which I am still paying back. Had both letters the last one saying I am due redress on my loan but nothing applied to my account so far. The are the only marks on my credit file in the last years and it shows as red (4 late payments). Currently back to green which it has been November 2012. The arrears show from March to October.

goaten2000

Plastikman80 wrote: »

I paid the mortgage part of the loan off in January 2012 when I moved it to RBS buy to let. I left myself with approx. £7000 unsecured loan with NRAM which I am still paying back. Had both letters the last one saying I am due redress on my loan but nothing applied to my account so far. The are the only marks on my credit file in the last years and it shows as red (4 late payments). Currently back to green which it has been November 2012. The arrears show from March to October.

The other sticky point will be how much in arrears you got - it was only the interest part that is in question here, not the loan itself... the loan still had to be repaid.

If you're arrears monthly equate to the interest part only (i.e. you repaid the loan amount) then you've got a very strong case to get your credit file adjusted, however if you simply didn't pay anything at all, or only paid part of the loan amount (excluding interest) then I'm not entirely convince you'll be able to get it corrected.

Plastikman80

goaten2000 wrote: »

The other sticky point will be how much in arrears you got - it was only the interest part that is in question here, not the loan itself... the loan still had to be repaid.

If you're arrears monthly equate to the interest part only (i.e. you repaid the loan amount) then you've got a very strong case to get your credit file adjusted, however if you simply didn't pay anything at all, or only paid part of the loan amount (excluding interest) then I'm not entirely convince you'll be able to get it corrected.

Thanks for the replies guys. I didn't pay anything at all. TO be honest I thought it was coming off my other account that is set up for the flats I rent out. It wasn't until July I discovered the error. I paid half the arrears straight away in August and by October it was cleared and I was back on track.

tracy7

IainHL wrote: »

Where have NRAM told you this Jimmy? Who in NRAM told you? By what method?

If my memory is correct and my mortgage rate is 4.78% then this will repesent an increase of 7.3% in my monthly payments. Not good, but not devastating.

I'm not quite sure I understand what you mean by an increase in your payments of 7.3%? Surely a 0.35% (APR) increase is just that and could not increase your payments by 7.3% unless I'm completely missing the point of what you are saying.

Being quite sad (or very keen to save money - take your pick!!) I sat and created my own spread sheet to find out what affect making different overpayments would make to the term of my loan quite some time ago. Unfortunately since having my computer returned to store settings after getting a virus I can no longer access it or set up another one until I can get the programme reinstalled!

An increase of 0.35% from 4.78% would be a rate of 5.13%, that is 0.398% per month to 0.4275% per month (0.499 at 5.99%, my original interest rate)

When interest rates went from 5.99% to 5.33% my payment on the loan part of the together mortgage decreased by £6.40 and from 5.33% to 5.08% by a further £2.89 then from 5.08% to 4.78% a further £2.59. These are the figures I worked out from my newly reprinted, rejigged statements! So I would envisage my payments on the loan part would increase by just over £3.43 a month.

I'd have to sit down with all my other paperwork to work out the increased payment on my mortgage and my head is now spinning...... its not used to all this maths! I won't be giving up my day job in a hurry!!!!!

Just worked out the mortgage itself would increase by a further £9.39 so a total increase of £12.82 which because I have worked on rounded numbers equates to approx 2.5% increase in my payments! I think!

So if both yours and my figures are correct this must mean the percentage increase in payments is dependent on the amount borrowed? Hmmmmm!!!!

tracy7

lennonc1 wrote: »

This was on consumer action group website, you can search for cca loans etc, it had been highlighted in a few posts going back to 2006, they had noticed missing information on their statements and initial agreements. I'm not sure if this was complained about or not as it is a very large thread, about 1600 pages long so only has the chance to look over some of it.
I suppose these facts don't matter, and I highly doubt we will get any answers soon, but I still know that we have rights and I want to know what they are, if that means a judge has to decide on what's fair or not then so be it.

But quotes going back to 2006 pre-date the changes in the CCA which I believe took place in 2008 but due to grace period given to northern rock or NRAM should have come into force in 2009??

cot1198

drussmonkey wrote: »

Thanks for that warning but sadly I know this too well. NRAM recently ballsed up immensely on my fixed payment arrangement and failed to take the correct amount two months in a row. I put together a complaint and they sent a long final response which failed to address all of my issues, so I demanded a better investigation and got the much better reply this week.

Basically they had incorrectly apportioned and left two accounts in arrears, through no fault of my own, and also explained how they got it wrong in the first place.

They immediately creditted the arrears (about £40) at no cost to me, backdated the interest on my incorrectly taken payments, and offered me a sum of compensation for the !!!!-up, which I have accepted.

I started the complaint in November, and it took 4 months, but the eventual response was satisfactory and I'm overall a little bit up.

Better than I got from NRAM.

They apportioned the wrong amounts over five months to August last year. I only found out when I got a letter at the beginning of August saying we had arrears on the main mortgage account.
I flagged this with NRAM right away, they told me they would sort it out. Then started six months of them not doing anything to sort it out despite phone call after phone call and NRAM giving me dates when it would be sorted and those dates passing without anything happening.

I put two complaints into NRAM and still could not get a satisfactory answer from them. So I complained to the FOS, it is still with them now.

jimmy1000

me and Tracy7 want the new link-we value you awareness of NRAM potentailly looking via this forum but we both dont work for NRAM.!!!

CHEERS:eek:

jimmy1000

:money:

lennonc1 wrote: »

Yes agreed, a pathetic attempt to wind people up. Hoping to put people off the subject, that is what the trolls do!!

LEMON CAKES YOU ARE constantly abusing me-saying english is poor etc etc-

i for one will never namecall etc.

i just state the facts-i was the first to tell everyone that NRAM WILL NOT BE GIVING OUT CASH-WHICH you later attacked -then when you knew it was true-decided to set your group up-

please take my advice -NRAM have also wrote to several nram friends of mine-and bascially got told no way !!!

jimmy1000

lennonc1 wrote: »

You really need to look at what you post jimmy your spelling is atrocious and Nram isn't really hard to spell now is it? I have not had free legal advice my friend is a lawyer, and funnily enough so is the judge in my district, probably where I will take it to court!!
Please go ahead and create your own thread - jimmy, We can't wait!!
Now this is the last I will reply to you as you are not worth my time to be honest, anything you have to say to me please direct it via pm.

lemons you knwo full well you are not getting cash back-give it up!! your friend is a lawyer and a judge-i bet you got mates than play for MANCHESTER CITY lol:rotfl::rotfl::rotfl::rotfl:

do you think NRMA WILL PAY OUT CASH TO YOU and cot 118890? ermmm let me see no-ermmm why? because they would have to then fork out 270 million!!!!!!!!!!!

jimmy1000

NRMA are putting up interest rates-we are going to be shafted-having said that they are a responsible lender

they have admitted their mistake and are paying for it_(NOT IN CASH THOUGH)

I FOR ONE REALLY RESPECT nram-they put us on the poprety ladder-
as soon as people see cash-its ive got lawyers , judges footballer mates that we make NRAM(GOVERNMENT) PAY UP 270 MILLION CASH

ER NO mato!!!!!

NRMA FOR EVER!!!!!!