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

cot1198

In an effort to try and get a debate going on the subject of how the redress is paid to existing customers I have sent an email to my MP to see if they can offer any advice or help on the matter.
It may be a good idea if other people with an interest in this do the same to try and get as many MP,s involved and informed as we can.

DebtMagnet

cot1198 wrote: »

If the interest was charged for the maternity
period then yes I would think that comes into it.
If they suspended interest charges for that period that may be a different matter.

Thanks cot1198, that is what i think too. They certainly didn't suspend any interest so should be ok.

Thrifty_Pixie

i agree that people should have a choice in how their redress is paid UNLESS someone is in arrears with NRAM. in that case NRAM should put the redress towards the arrears. after all, that money is owed to them as well.

good luck with your MPs, and keep us posted on how you get on

marney24

Do the people running this website exactly read any of theses threads?

I mean come on martin lewis :money: you can see there are people here wanting some sort of action, so can lord lucan lewis, maybe look in to the matter,

craaaigo

marney24 wrote: »

Do the people running this website exactly read any of theses threads?

I mean come on martin lewis :money: you can see there are people here wanting some sort of action, so can lord lucan lewis, maybe look in to the matter,

If 'people' want some kind of action, maybe they should contact the lender and formally complain themselves. This is all you need to do!Im not sure that MPs will be too willing to help (this is a government owned 'lender' after all) but at least cot1198 is actually doing something.

Thrifty_Pixie

craaaigo wrote: »

If 'people' want some kind of action, maybe they should contact the lender and formally complain themselves. This is all you need to do!Im not sure that MPs will be too willing to help (this is a government owned 'lender' after all) but at least cot1198 is actually doing something.

also, didn't Martin sell MSE a while back for gazillions anyway? i seem to remember an uproar about him 'abandoning' people or 'selling out' *insert eyeroll smiley here*

cot1198

craaaigo wrote: »

If 'people' want some kind of action, maybe they should contact the lender and formally complain themselves. This is all you need to do!Im not sure that MPs will be too willing to help (this is a government owned 'lender' after all) but at least cot1198 is actually doing something.

Spot on, I sent an email to the complaints email address at NRAM yesterday stating I did not want any redress awarded to be taken off my balance and that I would prefer to have the choice of a cheque as I did not see it as fair that customers who have paid off their loans will be getting one and existing customers don't get a choice in the matter.

If we can get enough people doing this they may start to listen.

cot1198

Thrifty_Pixie wrote: »

also, didn't Martin sell MSE a while back for gazillions anyway? i seem to remember an uproar about him 'abandoning' people or 'selling out' *insert eyeroll smiley here*

Yes he did

He is listed as founder and editor on the top banner. What input he has with that title I don't know.

cot1198

craaaigo wrote: »

If 'people' want some kind of action, maybe they should contact the lender and formally complain themselves. This is all you need to do!Im not sure that MPs will be too willing to help (this is a government owned 'lender' after all) but at least cot1198 is actually doing something.

To be honest I'm not holding my breath on either the MP or the MSE team, they must get thousands of requests for help. But thought it was worth a try to get some sort of debate going.

craaaigo

cot1198 wrote: »

Spot on, I sent an email to the complaints email address at NRAM yesterday stating I did not want any redress awarded to be taken off my balance and that I would prefer to have the choice of a cheque as I did not see it as fair that customers who have paid off their loans will be getting one and existing customers don't get a choice in the matter.

If we can get enough people doing this they may start to listen.

The beauty of UK financial services for a consumer is they now HAVE to listen to you. Youve instigated a formal complaint which must be formally responded to. If you are not happy with this response then you can refer to the Financial Ombudsman Scheme at NRAMs expense. This would cost them in the region of £500 so it doesn't take a genius to work out that it would be a lot cheaper for them to simply give you what you want and avoid this scenario.This isn't going to automatically happen for people sitting back and waiting for others to take the lead though, as make no bones about it - NRAM dearly want this money to come off their outstanding loan book.