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

debi15

Got my letter today too. Well pleased - roll on the next 12 weeks to c what gets added back x

anthonymucker

Well the postman has been and I haven't received a second letter I am hopeing it is just delayed in the post. Well done to all that have recoeved there second letter stating you are affected .

debi15

Phoned nram to check account balance, it was less than I had thought. But operator assured me that no amounts had yet been credited to my account. By my rough calculations the interest to be paid back will cover the outstanding balance with a small cheque to me. Whoop whoop

anthonymucker

Just had a interesting phone call with nram I took out a mortgage for £77000 and a personal loan for £21000 over 35 years well rang up today to get a balance and to see if u was affected by the cca they said that letters have been sent out and may take a couple of days to arrive . But when I gotten my balence I was shocked I owed them £106156.11p owing £84248.99 on mortgage and £21907 on the loan even tho I had been paying for 66months (5 half years ) she said do you have any arrears or ever missed a payment I said no but I did have 3 payment holidays 4 years ago when I was off work sick . She agreed with me it shouldn't be that high and is going to get it investigated immediately and I should have a written response within 5 working days . I haven't recieved any statements in a few years only the letter stating I may be affected by the cca. Does anybody have a idea why it is so high? Thanks again Anthony

nearlythere38

happymoneysaver1 wrote: »

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"

Bad news for me then, my mortgage was taken out in december 2006 and redeemed in August 2009....the loan was redeemed in Oct/Nov 2009 so if the iddue relates to oct 2009 onwards i wont be due anything

Bebs

Hi all, I spoke to NR today and they said that all letters have now been sent out, looks like I am not entitled to a refund

darlingdaisys

Bebs wrote: »

Hi all, I spoke to NR today and they said that all letters have now been sent out, looks like I am not entitled to a refund

Have you actually been told this by them?

lauramc12

got my 2nd letter from nram today stating that they indeed owe me redress.awaiting next letter with details of amounts, statements etc

Reason123

Great stuff although just rang home and we dont have any post today..
Figers crossed its just delayed by Postman Pat.

Reason123

Just checked the website -

We have sent a follow up letter to all existing NRAM customers who we had previously written to, providing an update on the progress we have made with their account in order to correct this situation.