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

MrsHayes

Received letter today stating we are entitled to redress of £4015! Very happy. Hopefully cheque will come in next few weeks. It would have been 7 weeks tomorrow since NRAM received our form back

firehamster

MrsHayes wrote: »

Received letter today stating we are entitled to redress of £4015! Very happy. Hopefully cheque will come in next few weeks. It would have been 7 weeks tomorrow since NRAM received our form back

Fantastic news! Spoke to them today and was told the claim was 'closed' so letter should be out any day. Do you mind me asking how much you had borrowed?

MrsHayes

firehamster wrote: »

Fantastic news! Spoke to them today and was told the claim was 'closed' so letter should be out any day. Do you mind me asking how much you had borrowed?

We borrowed just under £24000 and had almost 3 years worth of interest back from Oct 2009- Sept 2012 when we moved and redeemed.

Hope you hear very soon!

davross

Has anyone with a secured loan received a letter?

InkZ

Received the cheque a week after I got the letter confirming the amount. Now paid in my bank account

hotrats

Got my letter with redress amount, just over 5 weeks from my form being sent back so not as long as some. That said, they did send initial forms to the wrong address, which held up the process for a month.

28 days allowed for cheque but hopefully judging by others on here it won't take that long.

MrsHayes

Cheque arrived yesterday so just over a week after letter. Very happy

chips78

Got my letter yesterday, very happy with amount so hopefully should have my cheque in a week.

MillieJ

Moosetrish wrote: »

Well I received my letter today £2149 so I wasn't far off,

MrsHayes wrote: »

We borrowed just under £24000 and had almost 3 years worth of interest back from Oct 2009- Sept 2012 when we moved and redeemed.

Thanks for everyones posts. I received my cheque this morning from NRAM, a week after receiving my letter advising me of the amount I would receive. I called NRAM to ask how they had calculated it as it was less that I had anticipated. They advised that they hadn't shared how they had calculated the redress with anyone as this would be a too big a task for the volume of people they were dealing with. They said they would let me know but it would be a few weeks.
Moosetrish and Mrs Hayes - you seem to have a good handle on what redress you were due to get. Would you be happy to share how you calculated what you were due back so I can check against how I worked it out? Thanks

Info: I redeemed my mortgage in Feb 2012. I had the mortgage from before the Oct 2009 period of non-compliance. The unsecured loan part of my mortgage was circa £20k. Interest payable from Oct 2009 to Jan 2011 was 5.69% (circa £80 per month) dropping to 4.69% for the last 12 months of the loan. I received a cheque for £1,650.

IainHL

MillieJ, the best way for you to calculate the redress due is to go back through your statements for the period from October 2009 up to redemption, and add up all the periodic amounts for interest added (NR/NRAM statements used to be produced every 4 months).