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

PAUL67

pete50 wrote: »

got my letter today,ive got a together mortgage with 10k unsecured i took out in sept 2004

Is this a generic letter or one personal to you and your account.

Could you advise of the info given in the letter received.?

lizards

carlyberyl wrote: »

Could somebody post the thread for those of us with over £25k

https://forums.moneysavingexpert.com/discussion/4342285

darlingdaisys

At this stage, we cannot give you specific details about the method we may use to provide redress, if required. This will depend on the loan balance and status of your account at the point in time when this decision is made.
Where redress is required, this will consist of correcting your account balance. The effect of the correction will be to reverse the consequences of charging you interest during the period in which the communications did not meet the requirements of the CCA.


Updated on NRAM website.....
Doesn't state how they are going to pay out now.

darlingdaisys

I rang NR regarding the special rate after 7 years, was told you hadn't had to have a missed payment on the account or late payment.
But came across this on their website:

• 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

Nowhere does it state that you haven't had to have any late or missed payments.
I think they are just fobbing everybody off TBH!

bunnygreen

darlingdaisys wrote: »

At this stage, we cannot give you specific details about the method we may use to provide redress, if required. This will depend on the loan balance and status of your account at the point in time when this decision is made.
Where redress is required, this will consist of correcting your account balance. The effect of the correction will be to reverse the consequences of charging you interest during the period in which the communications did not meet the requirements of the CCA.


Updated on NRAM website.....
Doesn't state how they are going to pay out now.

I would be surprised if it isn't taken off of the existing loan. Personally I'd prefer a payout to get rid of other debts to help my immediate money problems but I wonder if there'll be a choice.

I have had no letter yet. Still haven't dug out my paperwork but still sure we qualify. Would just be nice to have the letter to confirm.

Oh and to answer a previous poster who said "at least we're on the ladder and we can overpay, etc" I wish I could overpay but we have no spare funds. We are in a situation that we have to wait until we are no longer in negative equity to be able to sell our house and then the only option is to rent for us, so I still feel regretful and foolish for taking this together mortgage out in the first place.

Pie-rosenberg

darlingdaisys wrote: »

I rang NR regarding the special rate after 7 years, was told you hadn't had to have a missed payment on the account or late payment.
But came across this on their website:

• 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

Nowhere does it state that you haven't had to have any late or missed payments.
I think they are just fobbing everybody off TBH!

I have been over paying my mortgage so will see what excuse they come up with for not applying the discount a couple of months ago. They keep changing the goal posts, they can't just keep ripping us off.

pete50_2

same here bunnygreen,i thought i was getting a bargain at 63k in 2004 on a house then the area nosedived with an influx of dss and their selling for around 30-40k now

amn_2

Pie-rosenberg wrote: »

Was the consumer credit act 1974 ammended in 2008? If not then surely the interest should be refunded from the begining of the loan not just from the take over because non of my statements have ever had my opening balance on. I have kept all the documentation regarding my together loan that i have been sent.

Yes it was amended which is why the refunds are from 2008 on.

golfmeghol

jamtree wrote: »

So if its not a Together mortgage you get nothing

took out 'normal fixed mortgage' with a secured loan and a later unsecured loan. i have just received a letter very generic but will hear something in 8 weeks (not holding breath as NRAM)
The letter states an account number i have no record of as all my statements come under the mortgage account number. Hoping i get a further letter for the secured loan but don't expect i will

amn_2

bunnygreen wrote: »

Oh and to answer a previous poster who said "at least we're on the ladder and we can overpay, etc" I wish I could overpay but we have no spare funds. We are in a situation that we have to wait until we are no longer in negative equity to be able to sell our house and then the only option is to rent for us, so I still feel regretful and foolish for taking this together mortgage out in the first place.

The point I and I think the other poster is trying to make is that Northern Rock didn't force any of us to take a together mortgage. We all chose to borrow more than the houses value on the hope that prices would increase as had been the trend in previous years. This allowed us to purchase a property when we may otherwise not have been able to.

The fact that the market plumetted and many of us are now in negative equity (myself included) is not NR's fault. It's just one of those things that is unfortunate and we now have to deal with. Personally I have had no issues with NR or NRAM so maybe I have a skewed view.