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

gavman99

kazonuk wrote: »

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.

Would still be good to know why these specific dates as per my previously post on page 23 (which remains unanswered !!)

https://forums.moneysavingexpert.com/discussion/comment/59164517#Comment_59164517

mhmmhm

Still no second letter - but I'm guessing there might be a bit of a lag at the printers or something...

From what others have posted, I am pretty sure I am due compensation (Together mortgage & unsecured loan since Jan 2007) - so just sitting waiting for the letter.

kazonuk

gavman99 wrote: »

Would still be good to know why these specific dates as per my previously post on page 23 (which remains unanswered !!)

Hopefully NRAM can clear this up in time (but I wouldn't hold your breath) - I'd like to know too!

craaaigo

gavman99 wrote: »

Would still be good to know why these specific dates as per my previously post on page 23 (which remains unanswered !!)

https://forums.moneysavingexpert.com/discussion/comment/59164517#Comment_59164517

As per my response directly after yours all i can think of is that after Northern Rock was nationalised (in 2008), NRAM would have been given a years grace to make all customersd aware of these changes. This didnt happen as we know so the period of compliance woudl then kick in one year later????

gavman99

craaaigo wrote: »

As per my response directly after yours all i can think of is that after Northern Rock was nationalised (in 2008), NRAM would have been given a years grace to make all customersd aware of these changes. This didnt happen as we know so the period of compliance woudl then kick in one year later????

That would make sense. But surely the CCA regulations applied before 2008 as well ? I can only assume there was some change in CCA regulations in addition to the NRAM takeover.

craaaigo

gavman99 wrote: »

That would make sense. But surely the CCA regulations applied before 2008 as well ? I can only assume there was some change in CCA regulations in addition to the NRAM takeover.

It would seem so yes.I've just looked back at the breaking news stories from December and it appears that the CCA regulations were changed in 2008 so the problems relate to Northern Rock/NRAM not reacting properly to these requirements.

rdanby

We took out a together mortgage and 3 loans in 2005/6 - we have received our letters today to say they are still looking into it and will be in contact in a further 12 weeks. Does anybody know why we have received this and not a letter to say we are due a redress? Is it a simple case that they haven't had enough time to look at everybody's personal circumstance?

Also how have some of you managed to work out what you are due? I don't know what interest we pay on the loans?

Thanks

daisymay2008

chips78 wrote: »

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

hi i am an ex customer had mortgage in loan in 2006 on a 5 yr fixed rate paid off in march 2011 when we moved house

i've had the first letter saying they are looking into it and also said if we had a 15 digit account number then we wouldn't be affected but our account number was 10 or 11 i think.....

to be honest i really can't remember exactly how much the loan was for, i'm certainly not going to expect something just have to wait and see

anthonymucker

Still waiting for my second letter god help the postman tomorrow if he doesn't bring it lol

Bon33

RDANBY -I have all of my statements which show the interest amounts for each 4 month period.