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

drussmonkey

Right, an update. I was ringing NRAM about something else today and apologetically asked the lady if there was any update on the CCA issue, and she said a holding letter would be going out on monday, telling us they're extending the time to respond to 12 weeks, in order to conduct a 'thorough review'.

Not unexpected really, as I'm sure everyone and their uncle who think they're owed will have enquired, so there are probably a lot more accounts to check than first thought.

Reason123

Thanks for the update.
A delay is frustrating but im guessing/hoping it adds another months redress? Longer it takes - more money we get back? (If im one of the lucky ones?)
So they can take as long as they like in my opinion?!

kazonuk

I wonder when the they'll get round to the ex-NRAM customers? It sounds like the customers got a letter in mid-Dec and now potentially a holding letter, it would be nice to just get something from NRAM (I think I definitely qualify for some money back)

mr_j_bravo

Reason123 wrote: »

Thanks for the update.
A delay is frustrating but im guessing/hoping it adds another months redress? Longer it takes - more money we get back? (If im one of the lucky ones?)
So they can take as long as they like in my opinion?!

For me its the not knowing that's bothering me.If I knew 100% that I was getting a refund then they can take as long as they like!

I've got a loan for £22500 and a loan for £4500 both taken out in 2006 over 30 years.I pay £150 per month. so I'm hoping that because you pay most of your interest in the first period of your loan,that I'd be due a tidy refund?

At first there appeared no doubt that I met the refund criteria but its the fact that they're saying that some wont get the refund which is making me worry!! Would you be confident in my situation or should I just shut up and be patient!!

chips78

I'm also ex nram and had 2 loans off them, i'm still confused as nram faq page says that everyone affected has been notified but i see nothing on my old statements to suggest i shouldnt be affected.

YellowVurt

Got the second letter today confirming I'm affected (noting my specific account number) but just that balance will be adjusted and visible on my next statement. However no statement included so have to wait for that in another letter...

Had Together mortgage with 22K loan on top.

firehamster

I'm an ex customer. Never received the 1st letter but phoned them with my details as I felt I was affected(together mortgage in 2007 with unsecured loan of £21k) have today received the 2nd 'holding' letter which basically states they are reviewing all the documentation and will write out again with an update. No timescales mentioned.

anthonymucker

Fingers crossed the postman brings me the second letter today stating it does affect me . I did receive the first letter in December .

jonesy1973

bit gutted in reading the last few posts regarding any refund being adjusted to the balance. Was starting to daydream about being able to go to my mates wedding down south with a nice fat cheque..... ah well i must stop daydreaming.

Embrace the chaos people!!

happymoneysaver1

ok folks, got my letter this morning - Ill write down some of the things it says and hopefully it might answer some questions but not all. I've only included some paragraphs so please if you have any other questions, I will check the letter.

"We have now concluded our intial assessment of your loan with the account no xxxxxx xxxxx xx and can confirm it is regulated by the CCA. Our review has highlighted thaty some of the communications sent to you did not comply with all of the requirements presribed by the CCA.

WHAT THIS MEANS FOR YOU
We will send you revised annual statements for your loan account

In addition to this, you are also entilted to redress to reverse the consequences of charging you interest during the period of non compliance.

Your account balance will be reduded by an amount equal to the interest that you where charged over this period. If any default charges were applied to your account during this period, these will also be refunded via the reduction in your loan account balance.

We will send revised statements showing the redress in the next 12 weeks. Any monthly interest payments that you make from now until the point we send you the revised statements will be included in the amount of the redress we apply to your loan account balance.

WHAT IS THE PERIOD OF NON COMPLIANCE?
This will depend on the date at which your agreement was made

If your agreements was made before 1 October 2008, the period of non compliance will have started on 31st Oct 2009

If your agreemement was made on or after the 1 October 2008, the period of non-compliance will have started one year and 30 days after the date of your first drawdown under the agreements (ie. when you first received money)

In either case, the period of non compliance will come to an end when you receive your revised account documentation which meets the requirements of the CCA"