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

lennonc1

craaaigo wrote: »

You can't log a complaint with FOS until you have either received a formal response or waited at least 8 weeks without a final response.

You can if you know what the response is going to be, i done it and have just finished a lengthy letter to post to them first thing tomorrow with my signed document from them. So go ahead and do it as soon as you can, you know your complaint won't be upheld. You only need to send it together when you have response.

craaaigo

I dont really understand where you're coming from here. FOS will categorically NOT deal with you unless youve made a complaint and either received a final response or waited 8 weeks for one. So preparing a referral and waiting for your final response from NRAM is not really productive as you'll need to make reference to (and include) their response with your referral anyway.

lennonc1

Yes I know but you will have a reference number when you call them, they send paperwork and you get your info and letter ready by then you will receive your response from nram and send it to them, if they have it on system it is logged and awaiting your letters. It add to the complaint data at the fos and gets allocated to particular team.

IainHL

craaaigo wrote: »

For me this is a much bigger issue than anything else mentioned in this thread because it is an example of the lender going out of their way to mislead and rip off customers. I can't see how they can get away with this as the terms and conditions of everyones mortgage states that after a fixed period runs out you will move on to the lenders SVR. Then after 7 years you'll be entitled to the discount. I can't therefore see how they can legally turn down anyones request to go onto the SVR of 4.79% in years 5 and 6?

The precise terms and conditions of my Together mortgage actually state that after the fixed rate period ends I would go onto a rate that is guaranteed to be lower than their SVR. (Yes I realise that 0.01% is a nasty trick to play that actually conforms to the letter of the Ts&Cs, if not the spirit.)

Then for the loyalty rate it does specifically say that you will be excluded from it if you are getting some other special rate (which obviously the discounted Together rate is classed as).

Therefore I would check your Ts&Cs carefully to see precisely what they say.

craaaigo

IainHL wrote: »

The precise terms and conditions of my Together mortgage actually state that after the fixed rate period ends I would go onto a rate that is guaranteed to be lower than their SVR. (Yes I realise that 0.01% is a nasty trick to play that actually confirms to the letter of the Ts&Cs, if not the spirit.)

Then for the loyalty rate it does specifically say that you will be excluded from it if you are getting some other special rate (which obviously the discounted Together rate is classed as).

Therefore I would check your Ts&Cs carefully to see precisely what they say.

All good points. I suppose what i'm saying is that i'm going to see what will happen if I turn down the 'special rate'. A 'special rate' that only exists to con peopel out of receiving the 0.25% discount they advertise after 7 years.

123chase

craaaigo wrote: »

All good points. I suppose what i'm saying is that i'm going to see what will happen if I turn down the 'special rate'. A 'special rate' that only exists to con peopel out of receiving the 0.25% discount they advertise after 7 years.

Have you not already been recieving this rate, for the last year?

All I got was a letter, saying that my fixed term would finish and my new rate was 4.78%. I also got a letter saying that I may be entitled to a loyalty discount, but after I phoned them, they said it wouldn't apply, as the first 3 years fixed didn't count, so I'd actually got 5 years, and couldn't get loyalty until I had 7 years.

I phoned them recently to ask if I could now be entitled to loyalty discount, but was told No, as I had been receving special rate for 2 years.

I have complained, but the complaint, wasn't processed, and have to wait until tomorrow, for a phone call off them.

craaaigo

123chase wrote: »

Have you not already been recieving this rate, for the last year? .

True but they could take a years worth of 0.01% discounts back from me quite happily as it would obviously be worth it to get the 0.25% per month saving back next year.

craaaigo

I'll dig out my paperwork tonight and then consider writing and requesting that I am moved to the lenders SVR so as not to prejudice any claim to the 7 year discount rate. Its definitley worth a try, I have worked in the mortgage industry for years and I think they're on a sticky wicket here.

123chase

craaaigo wrote: »

True but they could take a years worth of 0.01% discounts back from me quite happily as it would obviously be worth it to get the 0.25% per month saving back next year.

This is what I asked them to do, when I complained. I asked them to charge the extra 0.01% over the 2 years, then change my rate to loyalty rate going forward. Just got to wait and see now, I guess.

I will keep you posted.

123chase

I have just e-mailed N'ram, to log this complaint again. At least this time I have it in writting, so it cant get misplaced again. I have told them I want to pay 0.01% over the 2 years back, and want the loyalty rate appplied. Don't think they will, worth a try though.