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

jamesd

Bk282922, probably yes, just wait for the letter. If anyone hasn't provided NRAM with a current address, best to give them a couple of weeks to sort out more details then get in touch with them to update their records.
[STRIKE]
The payments themselves seem exceptionally generous given the way courts have not tended to bar enforceability for breaches that made little practical difference. Or no effect at all in this case on how much was due. Perhaps time for people to start to contact their MPs and complain about spending the money in this way.[/STRIKE] Since the law requires this as the redress for this particular mistake, I withdraw that comment. No generosity or otherwise required, it's simply the specified penalty.

hesjane

I can see this thread growing very rapidly;)

Becks46

I have a secured loan, which is not a mortgage, could this be covered? I have checked my statements and they do not include the original value of the loan, which is one of the factors that is causing the statement to be invalid. The consumer credit act state that they cover some secured loans but not mortgages, but I am struggling to work out what type of secured loans are covered - Can anyone help??!!

suedong

jamesd wrote: »

Bk282922, probably yes, just wait for the letter. If anyone hasn't provided NRAM with a current address, best to give them a couple of weeks to sort out more details then get in touch with them to update their records.

The payments themselves seem exceptionally generous given the way courts have not tended to bar enforceability for breaches that made little practical difference. Or no effect at all in this case on how much was due. Perhaps time for people to start to contact their MPs and complain about spending the money in this way.

Yeah I understand but maybe he may still be lucky, it would make complete change

suedong

bigbadwolf500 wrote: »

I have a £30k loan as part of their Together mortgage. Just checked my documents and it clearly states on the document that its subject to the CCA 1974, even though pre 2008 there was a £25K threshold!
All my NRAM statements don't show the original loan sum borrowed.
Could get interesting!!

Hopefully the more people with higher loans might result in a payout if you all shout loud enough together

hesjane

Becks46 wrote: »

I have a secured loan, which is not a mortgage, could this be covered? I have checked my statements and they do not include the original value of the loan, which is one of the factors that is causing the statement to be invalid. The consumer credit act state that they cover some secured loans but not mortgages, but I am struggling to work out what type of secured loans are covered - Can anyone help??!!

Again, I don't know but MSE info states "Only those with unsecured personal loans of less than £25,000 got the dodgy paperwork."

This tends to suggest that secured loans are not included - but I would still 'hope' and keep watching this thread and the main link in Post 1 for information updates.

puregeordie

A bit slow off the mark Helen; why have two threads about the same subject? Maybe you should either merge yours or mine into one thread as the one I created is well established.?

Cheers.

Chrisb80

Hi, I too am in a position where I had a £26k unsecured loan that was signed in 2005, which stated subject to the CCA 1974. I also have paperwork that does not comply with the act, so theoretically would comply with the refund albeit the amount borrowed was not under £25k. I don't know where I/we stand on this matter?!

I guess wait for a letter (can't see it arriving somehow!!) and then put a call in...

If anyone finds out the answer please let us know!

Thanks

Becks46

I'm going to try and ring them first thing in the morning, hopefully I'll get through, I guess they will be busy. If I find anything out I will post it tomorrow, in the meantime I will just have to cross my fingers!! Thanks

ceebeeby

Another bizarism for nowt (or not much) the only difference is this is the first one we've ever been in the frame for!