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

IainHL

Howverydareyou wrote: »

Hello. Sorry if this has been answered before. I've trawled through the previous answers but couldn't see anything.
Nram tell me that because my loan was for home improvements it isn't affected. Is that right?

Quite possibly. Firstly, was it secured or unsecured? Your loan agreement will tell you this, if you don't have it then the account number will give a clue. 16 digit (starting 6319?) are unsecured, others would be secured.

I do recall something about some secured loans not being eligible for redress, but I can't remember the details. Let's start with the basic question though.

AIFOP

IainHL,

I appear to be in the same position as Howverydareyou.

My loan is unsecured and the account number is sixteen digits and starts 6319. The documentation states the loan is covered by CCA 1974. However, NRAM state that because it was for home improvements it is not covered.

However, I can not see where in the legislation/act of parliament that home improvements are excluded.

Hope you can help

IainHL

AIFOP, the "because it was for home improvements" aspect is not really relevant to this issue. What matters is "My loan is unsecured and the account number is sixteen digits and starts 6319".

These loans were never part of the redress issue. They were run by a separate unit within NR, which managed to get the documentation correct!


From NRAM's website here: http://www.nram.co.uk/loans/cca-loans/existing-customer, under the question "Is my loan affected by these issues?" it states:

Please note - if you hold an unsecured personal loan with a 16 digit account number, we can confirm you were NOT affected by these issues. Our review determined that the communications sent to you during the term of these loans followed the exact format prescribed by the CCA.

geeka

Hello Kat,

What letter did you send? I got told I wasn't eligible for a refund but I disagree.

Thanks
Tim

Kat76 wrote: »

After NRAM's CCA regulation breach, it paid out interest to <£25K loan customers with existing loan accounts back in December 2012. As our loan had already completed, we didn't get a letter about this and it was only the MSE newsletter that alerted me to this matter. I rang NRAM and was informed that letters would be going out to all those with "completed" loan accounts in June 2013. Needless to say this never arrived. I chased them by telephone and letter, and amazingly last week a letter dropped through the letterbox to confirm a refund of ~£3K would be being issued as a cheque shortly.

If anyone out there had a completed loan and thus still hasn't had the due compensation / interest returned, chase them - it's worthwhile!!!!

:money: Thanks Martin and the gang for putting me on to this one!

smidgey

Hey there,

Just came across this thread browsing the loan sub forum. The dates in all of the various articles are confusing the hell out of me so if someone can help clarify that would be amazing.

I took a together mortgage out in April 2005 with an unsecured part at £11.5k. I sold the property in February 2007 and repaid both parts in full.

Am I affected? Would they have my new address to wire to me as I've moved twice since this.

Thanks in advance!

Chandy

hesjane wrote: »

Are customers, including former customers, contacted automatically - or will they have to 'apply' for the money?

Sorry to resuscitate an old thread. I never did see a response to this, but from reading I take it everyone affected automatically got letters?