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

Thrifty_Pixie

lennonc1 wrote: »

I wasn't saying you were self righteous, I will simply stating that no one should be self righteous enough to judge on anyone's situation. I don't feel like I am badgering anyone, no one has complained! I am only letting the new posters know what they can do, because in all honestly they won't read the thread from the start. I came here looking for help and like minded people, I didn't know what to do or what my rights were, I was clueless, people here have helped, some others not so much, but I stand by what I am doing here and hope I am helping others by doing this.
I really don't want this thread to be bickering between people as that doesn't help the cause. Sorry if you feel I am badgering folk.!

i'm not questioning your motives...i realise you are doing it to help others too

StevieG36

Thrifty_Pixie wrote: »

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?

I have only just joined this thread a few days ago because I have a genuine reason and issue with the way I feel I have been treated by This nationalised, bailed out mortgage company! It is quite clear that there are issues that need addressing otherwise people would not be on here in the first place. I see nothing wrong with setting up some kind of action group or opposition against their treatment if it is done for the right reasons. I believe in this case it is for the right reasons. I see no 'barracking of everyone' at all! Customers should be entitled to redress, however they choose as everyone has totally different circumstances. A mortgage company dictating method of redress is therefore wrong.
As for 'getting people to join your little complaints group' everyone has a choice and I don't think we are being made to join this group, nor am I happy with method of redress otherwise I wouldn't be on here! Why are you on here?
As for loyalty rate thread - this is just another example of a mortgage company misleading its customer. I'll write about whatever I want if I feel it is relevant - thank you!

anxious2

Thrifty_Pixie wrote: »

they should be doing it NOW if they're done with the current customers.

Just wanted to reiterate, they aren't yet done with current customers. The last letter I had said that I am due redress, and they will write again within 12 weeks to tell me how much. That was dated 18th Feb, if I remember rightly. So I, a current customer, may still have some weeks to go yet.

PAUL67

Hi,

Just an update really. I finally got my redress deducted from my account on Sunday of £1398 although to be honest i was expecting approx £1700 ish according to my own calculations but will wait for the breakdown before i question it. Still better than nothing and also a couple of years knocked off the term.

I posted earlier stating that i was informed over the telephone that any redress i eventually received would be used to clear any arrears on my account first and then the balance deducted therefore clearing my arrears. NRAM have now confirmed that they have cleared my arrears on the un-secured element of my loan but the arrears on the secured part stays there. I only have a small amount of arrears so not a real issue to me but may help some if they have arrears on the unsecured part.

lennonc1

Thats good news, I knew they would have to sort out the arrears on the unsecured loans. They will also have to remove any arrears or default added to your credit file, as that will give you adverse credit history. Make sure if you have any on credit file you insist they remove them.

Thrifty_Pixie

StevieG36 wrote: »

I have only just joined this thread a few days ago because I have a genuine reason and issue with the way I feel I have been treated by This nationalised, bailed out mortgage company! It is quite clear that there are issues that need addressing otherwise people would not be on here in the first place. I see nothing wrong with setting up some kind of action group or opposition against their treatment if it is done for the right reasons. I believe in this case it is for the right reasons. I see no 'barracking of everyone' at all! Customers should be entitled to redress, however they choose as everyone has totally different circumstances. A mortgage company dictating method of redress is therefore wrong.
As for 'getting people to join your little complaints group' everyone has a choice and I don't think we are being made to join this group, nor am I happy with method of redress otherwise I wouldn't be on here! Why are you on here?
As for loyalty rate thread - this is just another example of a mortgage company misleading its customer. I'll write about whatever I want if I feel it is relevant - thank you!

i have never said that i don't support anyone who wants to stand up for their rights and form a group for that purpose. my issue was with that particular side of it taking over THIS thread. as, by your own admission, you have only just joined this thread i wouldn't expect you to know this or the background to my previous comments but would point you in the direction of lennonc1's group if you want to confer.

anxious2 wrote: »

Just wanted to reiterate, they aren't yet done with current customers. The last letter I had said that I am due redress, and they will write again within 12 weeks to tell me how much. That was dated 18th Feb, if I remember rightly. So I, a current customer, may still have some weeks to go yet.

thanks for this! someone earlier had said that they had done all current customers, hence my comment. i'll still call next week anyway (as i'm impatient )

StevieG36

Thrifty_Pixie wrote: »

i have never said that i don't support anyone who wants to stand up for their rights and form a group for that purpose. my issue was with that particular side of it taking over THIS thread. as, by your own admission, you have only just joined this thread i wouldn't expect you to know this or the background to my previous comments but would point you in the direction of lennonc1's group if you want to confer.



thanks for this! someone earlier had said that they had done all current customers, hence my comment. i'll still call next week anyway (as i'm impatient )

No problem! I'm not on here to argue with anyone, just to stand up for my rights and see if other people are feeling the same way about their treatment and if they are hopefully get together some collective support in order to fight this lots. Thanks for your reply and clearing ths up!

shaney1981

I have still not received any clarity despite my complaint. I have asked in writing for any redress to be used to clear any arrears first and then to be used to adjust the balance of my unsecured element. I have also asked them to stop ringing and reply via email or in writing. They are in my opinion completely unprofessional, everybody has their own circumstances and therefore do not suit a one size fits all solution.

lennonc1

For all loans over 25k, please see this article. Ukar have money put by incase they are taken to court over this and have to refund plus costs etc.
Good news guys -

Nationalised lender UK Asset Resolution increased its repayments to taxpayers by £1.2 billion in 2012 despite a redress charge of £271m on its unsecured loan book.
UKAR Group, which holds the “bad books” of nationalised lenders Northern Rock and Bradford & Bingley, paid £4 billion to the Treasury in 2012, up from £2.8 billion the previous year.
This came despite reimbursing £271m to consumers for interest charged on unsecured loans issued by Northern Rock which breached the terms of the Consumer Credit Act (CCA).


The charge was first announced by the chancellor in December 2012 and relates to defects in letters and statements issued for loans of under £25,000 issued in 2008.
In a results statement, UKAR chief executive Richard Banks said: “Although no customer has suffered any financial detriment, we have commenced an exercise to correct the documents and statements and adjusting customers’ outstanding balances in respect of the interest amount.”



Some customers have taken loans over £25,000 with CCA documentation, but as this falls outside the limit of the CCA, UKAR has said it will not reimburse customers for this.
However, the lender said it was possible this could be contested in the courts in future and has made a contingent liability available to cover this.
It is not yet clear what the liability figure is, but the UKAR results reveal a £5.9m increase in liabilities in 2012 to £169.8m, and a £12,6m increase in provisions to £227.6m in the same period.

lennonc1

shaney1981 wrote: »

I have still not received any clarity despite my complaint. I have asked in writing for any redress to be used to clear any arrears first and then to be used to adjust the balance of my unsecured element. I have also asked them to stop ringing and reply via email or in writing. They are in my opinion completely unprofessional, everybody has their own circumstances and therefore do not suit a one size fits all solution.

Yes you are right and it is ridiculous that we have to fight for our right to be heard or even dealt with fairly.