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

blackandwhitebunny

craaaigo wrote: »

The point however is that that is NOT what the terms of conditions of the mortgage say. So you shouldn't let it lie.

We found it on the website when looking up about loans over 25 000 so phoned and asked. At first the man said that he couldn't see why we weren't getting it but then came back and told us quite snottily that we didn't qualify and this was in our original terms and conditions. Basically implying that we should go read them before bothering them.

123chase

blackandwhitebunny wrote: »

We found it on the website when looking up about loans over 25 000 so phoned and asked. At first the man said that he couldn't see why we weren't getting it but then came back and told us quite snottily that we didn't qualify and this was in our original terms and conditions. Basically implying that we should go read them before bothering them.

N'ram website:

Questions and Answers:

What is the NRAM Loyalty Rate and how do I qualify for it?

The NRAM Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet the following criteria:

• you are an existing residential NRAM mortgage customer and have held your mortgage with us on the same property for 7 years, and
• your mortgage payments are up to date, and
• you do not currently benefit from a special rate (such as a fixed or tracker rate), and
• you are not currently within an Early Repayment Charge period

Doesn't say anything about having a together mortgage, its the "do not currently benefit from special rate", where they have got you.

StevieG36

123chase wrote: »

N'ram website:

Questions and Answers:

What is the NRAM Loyalty Rate and how do I qualify for it?

The NRAM Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet the following criteria:

• you are an existing residential NRAM mortgage customer and have held your mortgage with us on the same property for 7 years, and
• your mortgage payments are up to date, and
• you do not currently benefit from a special rate (such as a fixed or tracker rate), and
• you are not currently within an Early Repayment Charge period

Doesn't say anything about having a together mortgage, its the "do not currently benefit from special rate", where they have got you.

I still need to go to the fos with this complaint but compiling all
of my paperwork first. I'm going to them about redress method issue too. I have final response letters from nram on both issues so going to go to fos this week. I'll let you all know their response!

gavman99

I had previously complained asking for a refund and threatening them with legal action, etc. Got the standard response mind you and didn't take it any further.

However thats us finally got our re-dress applied. £3,242 credited to account on Sunday with a term reduction from 15 years 4 months to 9 years 1 month.

lennonc1

Remember you can pass it to the FOS we are all doing that, it is getting passed to a specialist team there, could be a positive thing! have you seen the other thread for NRAM Action Group?

geeka

No I have put in a complaint and had 2 holding letters. can you send me the link and i'll goto FOS, sick of waiting raised it before xmas. how quickly will they look into it?

lennonc1 wrote: »

Remember you can pass it to the FOS we are all doing that, it is getting passed to a specialist team there, could be a positive thing! have you seen the other thread for NRAM Action Group?

gavman99

Don't think I'll bother. As I said in a previous post, the reduced balance means I get a loan from elsewhere at a cheaper rate and pay the balance off in 7 years 6 months, rather than 9 years 1 month. So we're happy with that. Considering this time last week I had 15 years 3 months remaining, we're delighted to know that we can have this debt cleared in half that time.

geeka

do you think it'd be worth going to FOS considering NRam have sent me 2 holding letters from my complaint or wait till they come back to me?

On another note I got a statement from NRam yesterday on my current mortgage showing each payment against each loan. saying opening balance, amount paid and interest charged. is this how a proper statement should look like?

Thrifty_Pixie

lennonc1 wrote: »

Remember you can pass it to the FOS we are all doing that, it is getting passed to a specialist team there, could be a positive thing! have you seen the other thread for NRAM Action Group?

you're not 'all' doing it, and rarely is it going to be a 'positive thing'. as has been discussed here more often than not a balance redress is best financially, and you have admitted yourself that you are only doing this on principle rather than for financial reasons. your barracking of everyone in here to join your little complaints group to boost numbers when they are quite happy with their redress is getting a little tiresome if i'm honest.

(and don't say 'go away then' as i am here waiting for news on ex-NRAM customers like many others)

also...would it be best for people worried about their loyalty rates to start a new thread somewhere else? i understand you're all concerned but it's not really relevant to the main thread?

lennonc1

I had received statement too, but no redress and on part for unsecured loan account said 'following paragraph related to your consumer credit act fix sum agreement, this statement does not contain all the information which you are entitled to receive from us. If you would to receive this extra information please get in touch with us to obtain it, we are required to give you this info within 15 working days. Information not included in this statement is the amount of credit and duration of fixed sum credit agreement' Eh??? Anyway it will all be passed to fos

Call them on 0300 123 9123 and get it logged and they will send you documents to sign hopefully by then you get a final response from them.

Gavman99 that's great news for you! Glad it has turned out well for you.
I still have 29 years to go on mine!! Gulp!! They told me to take 35 years and I was non the wiser, I know now tho!! I've grown up lol