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

puregeordie

What if you took an unsecured loan (£8000) out in January 2000 and don't have any paperwork

Good luck with that then:o

hesjane

useful link (thanks to puregeordie because I found it on the thread they started)

One of the answers to a question is:

Is my loan CCA regulated?

At this stage, we cannot confirm if your loan is regulated under the CCA. The CCA is a complex piece of regulation that covers many secured and unsecured loans taken out by customers with the former Northern Rock plc or NRAM.

In the case of loans taken out before 6 April 2008, it only applies where the amount we agreed to lend you (the amount of credit) was £25,000 or less.
We are sending a letter this week to all existing NRAM customers who we believe could potentially be affected by this issue. This letter will explain the errors that have occurred and highlight the next steps that we will take, where required, to correct the situation.

Letters this week would be good:D

Thanatos

I have a £11,000 unsecured loan that I took out on top of my mortgage, so hopefuly will qualify. Still, it only comes off the total of the loan and given that Northern Rock have been taking the p1ss with the mortgage rate for the past 5 years, it hardly touch the sides of what I have been over charged had I not been in negative equity and "trapped" with them...

Don't mean to sound unappreciative of the extra money, but i imagine many people are in the same boat as me and got the "We will not be offering a competitive rate" letter like I did when the bank split. Essentially they wanted everyone to move their mortgage so the government got paid back quicker, but some of us got trapped into the mortgaes due to the housing slump leaving us in negative equity so no other lend will touch us.
Mean while, I (and others) have been paying around 6% while the rest of the country has been enjoying reduced rates based on the record breaking 0.5% base rate.

Bah humbug and all that, but £1.7k is a long way off what I would have saved if I had been able to leave Northern Rock and move my mortgage.

Cocolal

kerry221331 wrote: »

I have moved house since I had the loan and it is also paid off, they arent aware of my new address, not sure what happens in these circumstances!

Hi everyone

I had a together mortgage with NR from Oct 2006 until August 2010.

As soon as I heard about this I called them up & gave them my old account number ( I still have paperwork)

I spoke to a girl who was very helpful, she took my new address and asked me data protection questions to confirm my identity.

I was advised that they will write to me within 5 working days to acknowledge I have a claim & then I was told I'd have to wait 8 weeks for a decision on how much I'm owed.

I have checked my old statements & they don't have on them how much I originally borrowed etc.

They said the main core of affected customers were the people who had together mortgages.

I will keep this thread updated

Good luck everyone

Cocolal

Sorry .... Forgot to add that I have since moved & they took all my new details.

My advice to anyone who has moved since they were with NR would be to call them & give them your address as if they'd sent post to the address they had for me ( old address) I would never get it

lizards

My loan is dated May 2007 and is for around 28K (we remortgaged from a 2004 loan for £29500) It says at the top that the loan is covered by the "Consumer Credit Act 1974" and the contract refers to said act several times. None of my mortgage statements say how much the original amount was for either. So if my loan had been under £25K I would clearly have qualified, but because it's over, there's some doubt.

I posted more on the other thread including a link to a thread elsewhere from a few years ago where loans for over £25K under the CCA heading were discussed as to whether they're regulated or not. The consensus was nobody was really sure and it could go either way.

It really will get interesting. I am sure there are probably tens of thousands of us with over £25K loans on CCA 1974 headed paper.

Occy

Really is there anyone who significantly lost from what I can see is a clerical error?

This is fine from an individual perspective i.e. some people get paid a nice lump sum but for the rest of us i.e. the tax payer, we get the bill.

A bit like bankers bonuses.

O

lennonc1

I am the same boat here 18k unsecured loan so hope we get a letter, plus had nothing but hassle with NR, and the fact they missold the whole mortgage and everything to do with it, I have now just got round to looking at the documents as was 5 years ago we got it and didnt realise what it actually involved so have to sort thought all this and think i can claim for ppi, ect ect, but this is just the start...

vin_

@lizards #33 Thanks for the interesting thread and rhetorical question:

Were our agreements even valid in the first place given we would have been mislead into thinking we had that protection?

Surely this must be mis-selling?

Having difficulty deciphering the points made in the thread you posted. I will re-read it again tomorrow with a clearer head.

Canesplitter

Cocolal wrote: »

Hi everyone

I had a together mortgage with NR from Oct 2006 until August 2010.

As soon as I heard about this I called them up & gave them my old account number ( I still have paperwork)

I spoke to a girl who was very helpful, she took my new address and asked me data protection questions to confirm my identity.

I was advised that they will write to me within 5 working days to acknowledge I have a claim & then I was told I'd have to wait 8 weeks for a decision on how much I'm owed.

I have checked my old statements & they don't have on them how much I originally borrowed etc.

They said the main core of affected customers were the people who had together mortgages.

I will keep this thread updated

Good luck everyone

Re the above message it would be really helpful if you(someone?) could provide the contact details for northern rock...I had a loan with them which was paid off and have moved house since so don't have paperwork and a google search just seems to point me to virgin money...can anyone assist with phone numbers for Northern Rock please?

Thanks

Mike