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

knighty76

Also received a letter and am waiting to hear.

On a slight aside (please tell me if I shouldn't post this here), in looking into this issue I discovered that I haven't received a statement from NRAM in a very long time. I spoke to a guy in the call centre and he says that statements are now only sent out annually since moving to NRAM (they were quarterly with Norther Rock PLC). That said, he also confirmed to me from his system that I haven't received one since July 2011, well over a year ago.

I had been meaning to look into this for ages and ages but couldn't lay my hands on my account number to ring about it. Wasn't until I had these recent letters that I called. Should I be complaining to NRAM in writing? I would have thought there was an obligation to send statements.

Most depressingly, hardly any capital seems to have gone from my account but it is hard for me to audit this without regular statements to compare against. I originally took out £126k and am only down to £113k after 6 years, does that seem about right?

Sorry for slight veer OT.

Cheers, Rich.

geeka

normally with mortgages the first 5-10 years of a 25/30 year mortgage doesnt drop much. elsewhere on the MSE site there is a mortgage calculator which will show you.

knighty76 wrote: »

Also received a letter and am waiting to hear.

On a slight aside (please tell me if I shouldn't post this here), in looking into this issue I discovered that I haven't received a statement from NRAM in a very long time. I spoke to a guy in the call centre and he says that statements are now only sent out annually since moving to NRAM (they were quarterly with Norther Rock PLC). That said, he also confirmed to me from his system that I haven't received one since July 2011, well over a year ago.

I had been meaning to look into this for ages and ages but couldn't lay my hands on my account number to ring about it. Wasn't until I had these recent letters that I called. Should I be complaining to NRAM in writing? I would have thought there was an obligation to send statements.

Most depressingly, hardly any capital seems to have gone from my account but it is hard for me to audit this without regular statements to compare against. I originally took out £126k and am only down to £113k after 6 years, does that seem about right?

Sorry for slight veer OT.

Cheers, Rich.

bootwo

From what I read I should be due a refund. Had a together mortgage with an unsecured loan portion of < £25k. Took it out originally in 2005 and paid it off in 2010 when moved house. Continued to have the loan portion for a few months before paying that off as well.

I know it's been asked before but has ANY ex-customer received a letter yet? - I haven't.

cheers!

pawprint78

Hello Everyone.

This is my first post on MSE website, I've been a E-mail member and have read lots of threads, but never posted on one before. This one irks me enough to post my story.

I have been a Northern Rock customer since 08/09/2006, Taking a £5000 secured loan 16/07/2007

The last statement I have shows only one account number (11 digits 5XXXXA-XXXXX) when I rang today to make my monthly mortgage payment I asked the agent about loan redress and was told the reason I don't have a separate account number is because its classed as "element two" and therefore, one large mortgage.

I'm fed up with the lack of information - I too got given the 8 weeks, no information line. However this has been ongoing for 6 weeks, so they are still using the 8 week line. He did tell me that it was another department dealing with "affected customers" and that he couldn't transfer through to me.

I have today lodged a formal complaint via E-mail, this is a number of reasons but as another forum member pointed out, they complained so that their account would be looked at and make sure they were not forgotten about should they be entitled to redress.

To be honest, These sort of things never happen to me, so I wont be holding my breath, but its the last straw with me and NRAM, they have messed up my statements on many occasions - once showing me as having over a one hundred million pound mortgage with sixty thousand pounds owing on it - How they ever got either figure is beyond me, my original mortgage wasn't even for 60,000.

Anyway - I shall keep you all updated with what they say, I'll expect an Email tomorrow telling me they are sorry to hear about my dissatisfaction and will en devour to get to the bottom of it at some point this decade.

Good luck to all those with claims or letters of redress in the pipe line. Move away from NRAM as soon as you possibly can - The experiences I've had with them as a company have been shocking.

Pawl

I have received a letter from NRAM and it appears that my account fits the criteria for redress. The original article in the Guardian states that it goes back to Oct 2008 when the original amount borrowed should have been shown on the statement but has been omitted. However I have checked a statement from 2006 and it also does not mention the original amount. Does this mean that it did not comply with the CC Act and i am entitled to further redress?

Pawl

I think I have an answer to my own question looking at earlier posts and other websites. The CC Act 2006 came into force in Oct 2008 requiring pertinent information to be provided on statements. Further info at morton-fraser.com (can't give URL due to forum rules). Anyone know if this applies to loans taken out prior to this date or only to new loans?

Bon33

bootwo wrote: »

From what I read I should be due a refund. Had a together mortgage with an unsecured loan portion of < £25k. Took it out originally in 2005 and paid it off in 2010 when moved house. Continued to have the loan portion for a few months before paying that off as well.

I know it's been asked before but has ANY ex-customer received a letter yet? - I haven't.

cheers!

I too am an ex - customer who fits the criteria and I haven't had a letter either. I would love to know if any other ex customers of NRAM have received a letter.

ANewBeginning

Hi everyone

My husband and I took out a NR Together mortgage in July 2002. We borrowed £75932 on the mortgage part at SVR. We also took out the loan element (Together Variable) amounting to £23985 for 300 months.

I have hung onto copies of the original agreements and dug them out. i shrieked when i tead through it all as on the document for the £23985 together variable loan it clearly states CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974.

I have had no correspondence in relation to this from NR. As our loan amount is less than this £25k threshold that is being mentioned, where do we stand? Is it worth me writing to NR to raise it with them? Or do I just bide my time and hope they get in touch?

To be honest, a windfall would help tremendously with paying off our current credit agreements. I'm not being greedy. Anyone in this situation would try to claim back money. I have worked hard for my family all my life, never won anything, or had bank charges refunded, so it's exciting that there is the possibility that some money could be heading our way.

Anyone got any good serious advice about the best way to proceed? All answers and guidance gratefully received. And good luck to everyone in the same situation.

Thank you

geeka

I would write to them, I have posted a letter I used and they said it was a complaint and they will be geting back to me in 8 weeks (7 now!). There seems to be alot of confusion still and thats even and NRam!

ANewBeginning wrote: »

Hi everyone

My husband and I took out a NR Together mortgage in July 2002. We borrowed £75932 on the mortgage part at SVR. We also took out the loan element (Together Variable) amounting to £23985 for 300 months.

I have hung onto copies of the original agreements and dug them out. i shrieked when i tead through it all as on the document for the £23985 together variable loan it clearly states CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974.

I have had no correspondence in relation to this from NR. As our loan amount is less than this £25k threshold that is being mentioned, where do we stand? Is it worth me writing to NR to raise it with them? Or do I just bide my time and hope they get in touch?

To be honest, a windfall would help tremendously with paying off our current credit agreements. I'm not being greedy. Anyone in this situation would try to claim back money. I have worked hard for my family all my life, never won anything, or had bank charges refunded, so it's exciting that there is the possibility that some money could be heading our way.

Anyone got any good serious advice about the best way to proceed? All answers and guidance gratefully received. And good luck to everyone in the same situation.

Thank you

Bigkev999

Tick Tock Come on Northern Rock Pull Finger!