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MSE News: Northern Rock pays £270m to 150,000 after gaffe
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I think it is all current customers first then the second batch are ex customers so hang tight and hopefully you will get some info soon! X
I think ex customers have only heard something (and this appears to be just the standard "we're looking into it" letter) if they have complained - they appear to be sorting out the existing customers first which is fair enough in terms of their priorities. My big problem is their communication and how much effort everyone is having to put in to get any clear answers. Notice how many posts start with "I think" - we should really all know. If they would just say something like "We have taken the decision to review and correct all existing NRAM customers affected by this issue first. We will start to review ex customers from xx/xx/xx" we would at least understand the plan, and for me personally I would note the date in my diary and wait, as long as it was within a reasonable timescale.
Interestingly I have already been offered FOS rights, which says to me that NRAM have decided to let things go over the 8 weeks and run the risk of incurring the FOS fees. This seems incredibly short sighted to me, but I guess their management are still lacking basic commercial decision making skills. I'm going to leave it until the end of the month and then exercise my rights.
Good luck everyone, I'm really pleased for those who have already had a result.0 -
picardygirl wrote: »Quite gutted that we havent received a letter as thought we could be in for a repayment from NRAM ..... we are ex NRAM customers but did have a mortage and a secured mortgage that we redeemed in October 2010 .....
So my question is: are they are ex NRAM customers that thought they may qualify and havent heard anything yet?
I believe I definitely qualify (ex-NRAM too), I called them last week and they said they have raised a case for me and sent it to the team who are looking into all this. No letter as yet but will post an update as and when I get anything0 -
We remortgaged everything away from NRAM literally a fortnight before the first set of letters came out... We did get the first letter, and received a second last week saying they needed another twelve weeks before they'd let us know if we are due anything or not. It's great that, if we are due a refund, we'll get the cash, but it's frustrating that we could have remortgaged for a lower amount had this come to light sooner as in the long run it'll cost us more than we might get back, assuming we'll get anything of course...
I'm really annoyed at the delay, though. If there was a suggestion that I might owe them money, I can just imagine their reaction if I told them I wasn't going to bother even thinking about it for five months. I'm livid that they can get away with that, I don't care about the circumstances or the complexity of the issues just as they wouldn't care if the situation was reversed.
For those that are due refunds, will they be paying interest on top of the wrongly taken interest refunded, or crediting accounts with the wrongly taken amount plus interest? If not, why not?0 -
I believe I definitely qualify (ex-NRAM too), I called them last week and they said they have raised a case for me and sent it to the team who are looking into all this. No letter as yet but will post an update as and when I get anything
Ah i might do the same this week ...... quite understandably they are and should be correcting existing customers first ...... especially as ex NRAM would be paid out in cash, they are not going to want to part with that money until they absolutely have to!
Even if we do qualify i dont think we would be in for huge sums of money (especially if the qualifying date starts Oct 09) but it would be one years interest. Hey, IF we did qualify whatever we would get back would be a bonus0 -
One thing I can't see being mentioned is whether this adjustment to balance will result in either same monthly payment amounts and reduced term or reduced monthly payment amounts and same term - anyone shed any light? We only have the loan left at the increased rate as remortgaged elsewhere.0
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Hi there,
Has anyone received any correspondence from NRAM admitting liability on together unsecured loans over 25k? I raised the issue with them last week (our unsecured part was 25,800back in June 2007 and i was told 'there is a marker on your account that we are going investigate' the girl i spoke to would not give me any answers and said she would raise a complaint. We all must complain re the together unsecured loans over 25k to gain momentum on this.....
NRAM's comments re the situation on the website are obviously trying to discourage complaints. It's not u to them to decide if we have been mis sold re the CCA protection we all thought we had. This is ultimately the decision of the ombudsman and the more of us who raise this the more chance we have of this being put right!0 -
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Afternoon everyone,
I know this was asked a few pages back without reply so apologies but does anyone know why the redress is from Oct 09?
I am an ex-NRAM customer and I contacted them back in December as I've moved since we settled everything with them and was told my account would be looked into, I didn't hear anything until last week when I got one of the standard letters to say they are still looking into things etc.
I did leave NRAM in August 2009 so before the redress date but I do have statements without the original amount borrowed on so I'm still not sure if I would qualify at all? I'm not getting my hopes up but anything would be a bonus.0 -
Has anyone not received a reply? I got the first letter but not a second. I'm another together mortgage customer with a £11k unsecured loan left on the account (along with mortgage) which I've had since dec 07.0
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brownmonkeysuit wrote: »One thing I can't see being mentioned is whether this adjustment to balance will result in either same monthly payment amounts and reduced term or reduced monthly payment amounts and same term - anyone shed any light? We only have the loan left at the increased rate as remortgaged elsewhere.
I asked this question specifically whilst on the phone to them about something else and was told that it would be a reduction in monthly payments rather than a shortening of the term.0
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