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

catwoman150

alamaya wrote: »

I got my second letter today saying we are due the interest back. Im so chuffed. After a crap 3 months this has right cheered me up

What year did you take out your together mortgage?

sunshinejoclaire

We took ours out pre 2008 and still have it now, and have just got a letter saying we are entitled to the money paid off the balance of our loan. Whooo.

InkZ

I'm an ex customer who has redeemed my mortgage and moved. I phoned up and gave them my new address when this thing hit the news and I received the first letter yesterday saying they are looking in to it.

craaaigo

Wally123 wrote: »

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.

The PPI 'compensation' was only a return of money that had been paid into an unsuitable product.With this instance the money is automatically being returned anyway so its not a comparable situation no.

Wally123

PPI return was, and still is a return of money which was wrongly taken from customers. Plus 8% interest on that money. Hence the comparison.

suzyb19

Hi,
We got the 2nd letter today.
I am a bit worried to wether we will get a refund as some people are stating that they have received a letter saying that they ARE going to get something back, but our letter just says that they will get back to us within 12 week if there is any impact on our loan, they say its taking longer than expected due to the complex nature of CCA regulations and they need more time to fully assess if there is any impact on our loan, and they will write again with more information to explain clearly what, if any, next steps they will take.
This sounds like to me we may not be entitled to anything after all, what does anyone else think?
Why would ours be more complex than somebody else's Together mortgage/loan.
Any thoughts anyone?

craaaigo

Wally123 wrote: »

PPI return was, and still is a return of money which was wrongly taken from customers. Plus 8% interest on that money. Hence the comparison.

PPI mis selling was a case of bad and misleading advice though which resulted in a financial loss. I think you’d have a hard case arguing that this has resulted in a financial loss given that every one of us was fully aware of the interest charges payable and every one of us agreed to them in writing. Its only a loophole and technicality that has resulted in us receiving redress anyway. A technicality which was actually brought to our attention by the lender in question to be fair.You are fully entitled to make a complaint to NRAM if you disagree though and have nothing to lose I guess.

mariechrisbulll

Hey all..

We took out a unsecured Loan in oct 2007 . £25,000 a 7.29% I used

http://money.guardian.co.uk/calculator/form/0,,603119,00.html

And typed in £25,000 over 35yeats (420 months) and it said I was pying Aprox £150 a mth interest so am I right in thinking I'm owed from oct 2008? I reckon I'm owed £7k+ ?

Am I right ?

Amy

faz33

Got my second letter today.
My letter stating
"We have now conducted our initial assessment of your loan account number xxxxxxxxxxxxx and can confirm that it is regulated by cca.
Our review has highlighted that some of the communication sent to you did not comply with all of the requirements prescribed by cca.
That I'm entitled to redress.
Happy days better than nothing.

craaaigo

mariechrisbulll wrote: »

Hey all..

We took out a unsecured Loan in oct 2007 . £25,000 a 7.29% I used

http://money.guardian.co.uk/calculator/form/0,,603119,00.html

And typed in £25,000 over 35yeats (420 months) and it said I was pying Aprox £150 a mth interest so am I right in thinking I'm owed from oct 2008? I reckon I'm owed £7k+ ?

Am I right ?

Amy

It would be based on interest payments from october 2009 onwards rather than 2008 im afraid....Also make sure that your interest rate hasn't altered in that period....