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

nearlythere38

well i just phoned them, as a previous customer whos loan was redeemed in 2009 I thought best to check they had right address. They said they are unable to confirm to anyone if their account is affected because they do not know, still being looked into. As the loan was redeemed they had to complete a form taking my details....thats it, she said if affected will get a letter. so still no further really

geeka

I would say the money will go against a secured debt. I am in the same situation with CCCS but am about 3 months from clearing my debt. I can't see them letting you take the money out. It's worth a go!

natalie_1982 wrote: »

Hi there, I am sure this has been referred to earlier on in the thread but I couldn't find a response, and it was within the first few days of the mistake being announced so I am hoping somebody has more information now.

I have a together mortgage and have received a letter saying that I may qualify for redress.

I understand that any potential refund would be applied directly to my outstanding NRAM account; this will go some way to getting me out of negative equity. Also, as with most mortgages, we are able to overspend in order to withdraw the funds at a later date if we so choose.

My question is this, will the money they potentially apply to my account be included as an overspend?

Could I, therefore, withdraw it in order to pay off my one existing credit card debt, for which I am on a debt management plan with CCCS? My thinking is that by doing this I can pay it off (I've been paying £1 a month for 4 years) and then get it removed from my credit report and, in time, look at remortgaging for a better deal. It's all very well that NRAM will pay the money back to my account butI will never be in a position to remortgage while I have an awful credit card debt hanging over me.

dfwannabee_2

I think I will qualify for a payment back off them.

Would have rather they paid me some £££ rather than knock it off my outstanding balance.

Anyway around this?

unspec

geeka wrote: »

I would say the money will go against a secured debt. I am in the same situation with CCCS but am about 3 months from clearing my debt. I can't see them letting you take the money out. It's worth a go!

This is interesting, as I have no secured debt with NRAM. I moved house and now have a mortgage with Nationwide and just have the unsecured loan element remaining. I wonder what my options will be?

geeka

I would think it would be a cheque dropping on your mat! but thats just my opinion!

unspec wrote: »

This is interesting, as I have no secured debt with NRAM. I moved house and now have a mortgage with Nationwide and just have the unsecured loan element remaining. I wonder what my options will be?

SmartStudent

Had my letter through the post in December, as with other posters, just glad it might reduce some of my negative equity! :-)

Thrifty_Pixie

As some have already said, I'm still waiting for a letter to appear too. I am an ex-NR customer though, so I'm guessing we're second priority for them.

I took out an unsecured loan for £12k with NR in January 2006, clearing it in December 2009, and disposing of all the (what I now considered to be) obsolete paperwork during a move last year.

Hearing the news back in December I realised that I might be eligible, so I called them w/c 10/12/12 to let them know I had moved and changed my name through marriage. They took my new details and the only details of my loan that I still had (i.e. amount, date of initial loan and final payment) and said they'd be in touch.

My question is this: the woman asked me if I had my original loan agreement and I had to say no (as all paperwork was dutifully burnt or shredded as per anti-ID theft guidelines)...so can I trust them to find the proper paperwork themselves?

natalie_1982

Thrifty_Pixie wrote: »

As some have already said, I'm still waiting for a letter to appear too. I am an ex-NR customer though, so I'm guessing we're second priority for them.

I took out an unsecured loan for £12k with NR in January 2006, clearing it in December 2009, and disposing of all the (what I now considered to be) obsolete paperwork during a move last year.

Hearing the news back in December I realised that I might be eligible, so I called them w/c 10/12/12 to let them know I had moved and changed my name through marriage. They took my new details and the only details of my loan that I still had (i.e. amount, date of initial loan and final payment) and said they'd be in touch.

My question is this: the woman asked me if I had my original loan agreement and I had to say no (as all paperwork was dutifully burnt or shredded as per anti-ID theft guidelines)...so can I trust them to find the proper paperwork themselves?

Obviously I can't answer as to whether you can trust them to find the paperwork themselves, but did you have a mortgage advisor who may have copies the paperwork who could let you know the details? Or your solicitors when you made the purchase? The estate agents may have copies on file.

Thrifty_Pixie

natalie_1982 wrote: »

Obviously I can't answer as to whether you can trust them to find the paperwork themselves, but did you have a mortgage advisor who may have copies the paperwork who could let you know the details? Or your solicitors when you made the purchase? The estate agents may have copies on file.

Unfortunately it wasn't attached to a mortgage - it was a free-standing unsecured loan.

Ah well, I guess I just have to wait and see!

Bigkev999

my current monthly payments are £1006 but i am paying £1256 as i missed a months payment in December this will all be cleared in Feb.

if i get the redress i believe i am entitled to on a £12k loan after receiving the first letter (£1,450 approx)

i was thinking about just using the redress credit as the months payment and not paying that month, the cash would really help in other places.

do you think this is acceptable?