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

DIY_Dave

I may be wrong, but from reading posts from the majority of people that have received letters to date, all seem to be existing NRAM customers.

I am an ex-NRAM customer who has redeemed their loan last year, I haven't received a letter but remain hopeful that they are dealing with current customers before moving on to ex customers. Going by the latest NRAM website update it does still indicate that ex customers who have redeemed loans will be written to in due course.

Are there any forum users no longer with NRAM who have received a letter??

chips78

Has anyone who is ex nram recieved either letter yet. I think i need to phone them.

Thrifty_Pixie

i am an ex-NRAM customer, having paid off my loan with them in 2009.

i called them w/c 10/12/12 to tell them that i had married and moved since then and gave them my new details. i didn't have any of my paperwork but was able to give them loan start date, amount and end payment date. i didn't hear anything from them until yesterday when i received the following letter:


'Important information about NRAM loans up to £25,000

Thank you for contacting us following the recent announcement regarding loans that are regulated by the Consumer Credit Act (CCA).

We are currently undertaking a thorough review of all documentation sent to customers who held loans that were regulated by the Consumer Credit Act (CCA). Once we fully understand the situation, in terms of who is affected and in what way, we will write to you again with an update.

In the meantime, you do not need to take further action. Our website www.nram.co.uk will be updated regularly with all the latest information for customers with existing or redeemed loans.

If you have and general queries....blah blah.'


Is this the letter all existing customers received back in December? i.e. a holding letter before admitting anything?

Bon33

I am an ex- NRAM customer (I paid loan off in 2011) and I too received this letter this morning.

kazonuk

DIY_Dave wrote: »

I may be wrong, but from reading posts from the majority of people that have received letters to date, all seem to be existing NRAM customers.

I am an ex-NRAM customer who has redeemed their loan last year, I haven't received a letter but remain hopeful that they are dealing with current customers before moving on to ex customers. Going by the latest NRAM website update it does still indicate that ex customers who have redeemed loans will be written to in due course.

Are there any forum users no longer with NRAM who have received a letter??

I am an ex-NRAM customer (re-mortgaged in Aug 2012), I called them this morning because I never even received any letter to say that my mortgage/loan with them was paid off. Whilst I was on the phone I asked about the CCA loan issue, the lady I spoke to asked if I had had a unsecured loan of under 25k (the loan was for 23.5k) so she said that she would raise a case for me and send it to the team that are looking into this.

I can see that a few ex-NRAM customers are now receiving letters so I would expect one soonish.

It looks like I'm due the loan interest from Oct 31st 2009 - August 2012 (interest is roughly £100 pm) so I work that out to be around £3300 in interest?

catwoman150

I got two letters ( for two different loans attached to my mortgage ) back in Decemeber and I am awaiting for their second letter again soonish. I didnt get my december letters for about a week after everyone else. I dont know what our postman pat does for it to be so late. I am also expecting two letters again. It should be for a redress as I have had my mortgage with them from 2000

Bon33

Kazonuk - why October 31st 2009....is that when you took the loan out?

drussmonkey

Just to repeat what others are saying, you were never allowed to borrow-back against payments made to an UNSECURED loan with Northern Rock, so any redress cannot be borrowed back.

You'll only get cash money as a cheque if the redress fully redeems your outstanding loan and then some.

Mind you, I took out two secured loans shortly after my mortgage began and I haven't heard about either of those. Given their proximity to my original mortgage I'd be surprised if those weren't CCA-regulated too. I'll be looking in to it once NRAM have sorted out the majority of everything else - seems like there isn't much point throwing yet more requests on top of their queue.

kazonuk

Bon33 wrote: »

Kazonuk - why October 31st 2009....is that when you took the loan out?

Hi Bon,

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This was posted on page 22:

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 agreement 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"

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I took my loan out in December 2006 - August 2012, so I fall between the dates affected.

Bon33

Thank you for that