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

bhoywonder

hi folks, i too received my letter and expect to receive revised statements. I was wondering as most of the posts make reference to unsecured loans my letter makes reference to secured and unsecured loans. Am I right in thinking I will receive adjustments for both or just the unsecured element.

Am I right in thinking all interest on the loans which has been paid will instead be deducted from the total.
Thanks

vivavilla

Well I still don't know where I stand I haven't had any letters at all so that would indicate that I'm not affected. However I have two secured loans (and it states on the statement personal secured loan) so, from what I've read, would think that I am affected.
I did email NRAM but got the standard blah blah email back - I appreciate they are snowed under but really really want to know why I haven't received any letters.
The defining issue seems to be if you have a further advance you are not affected but if you have a secured loan then you may be (however I can't find anywhere that tells me the difference between these two).
Confused!:think:

Wally123

Hi, does anybody think that those affected should be entitled to some sort of compensation. Similar to those who reclaimed PPI maybe. Just a thought.

Panda666uk

Afternoon, would I be entitled to any interest back etc on my loan. Please see the below scanned copy of my agreement letter.

Thanks in advance.

Panda666uk

lol can't add picture because I'm a new user !

Panda666uk

Unsecured loan taken out on the 9th Nov 2006 for £25,000 over 10 years.

It says on it IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS. The Consumer credit actr 1974 etc

Then has a box below it with This is a credit agreement regulated by the consumer credit act 1974. Sign it only if you want to be bound by it's terms.

Thanks

marksta

We got our second letter today confirming we will be entitled to redress.

:beer: nice!

Kodagirl

I still have not recieved a 2nd letter yet,gutted. :-(

firehamster

chips78 wrote: »

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

I'm an ex-customer. Took out together mortgage in 2007 and reedemed it June 2012. Wasn't contacted with 1st letter but called them to let them know I'd moved and recieved a letter yesterday to say that they were looking into all the paperwork and would be back in touch.

Julie211077

Received a letter today which states. We will send you revised annual statements for your loan,which was 12,500. In addition to this you are also entitled to a redress to reverse the consequences of charging you interest during the period of non compliance. Can somebody please translate this into plain English. I understand the loan amount will be revised,does the redress mean that we will also be given back a cash amount for the interest charged in the period of non-compliance?. If this is the case,will it be sent automatically or will we have to make a claim for this money?. The wording used in the letter is difficult to rake down,and they have stated that this matter should be resolved within the next 12 weeks. Advice on this matter is much appreciated. Thanks