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

cot1198

jimmy1000 wrote: »

I have also arrears both secured/insecured but paid quite a bit back, so all is well. I'm also affected and had second letter for my £12k unsecured loan saying about my redress. I did write a letter to NRAM(still awaiting their response), but to be honest
I 100% expect them to knock off the balance. Their is no way they are going to pay out 270 Million cash. If they pay one individual they will have to the same.

Complete waste of time to be honest. It's just a simple miSTAKE FROM nram and a complete bonus to be honest either way.

They(NRAM) will have the best lawyers money can buy and trust me I think we are lucky to be getting any payout(balance reducement)...

please just get on with it!

We are getting on with it.

We are getting on with finding out what our rights as customers of NRAM are. NRAM may have the best lawyers and the backing of the government, but thats the good thing about living in this country. You are allowed to question if what you are being told is correct and don't just have to accept it on face value.

Please don't try and stop people finding out what their rights are.

cot1198

Also Im surprised that you use your first post to attack the veiws of the majority of the posters on this thread.

But as I said it is a free country and that is up to you.

jimmy1000

of course, everyone is entitled to their opinion.

I've been watching this thread for some time without posting.

NRAM will have this watertight already-to be fair they know/forced to admit they will redress.

It will 100% come off your balance-I for one am very grateful, if it wasnt for a big oversight(on their behalf) we would have HAD to pay interest anyway.

I'm looking forward to having this (oversight ) taken from my balance-love a cheque back though=no chance-big fat city lawyers will take care of this very nicely...

:money:

jimmy1000

cot1198 wrote: »

Thanks lennonc1

It will be very interesting to see what they say.

I suspect the lawyers wont be in any position to tell you first visit-probably by time it's all over and BALANCES ADJUSTED it will be too late.

very best of luck to you though....

123chase

Has anyone checked there balance with N'ram lately? I made an overpayment on Monday, my account has already been credited with the redress. Paperwork hasn't been sent out yet.

123chase

Also, the term has been reduced from 15 years to 11 and 3 months. The monthly amount will remain the same.

jimmy1000

123chase wrote: »

Also, the term has been reduced from 15 years to 11 and 3 months. The monthly amount will remain the same.

so that completly rules out cashback as per my obvious posts!

this is a shame but nevertheless, looks like your term is much better...well done..

heres to everyone elzse having their balance reduced:T

jimmy1000

123chase wrote: »

Also, the term has been reduced from 15 years to 11 and 3 months. The monthly amount will remain the same.

this wont cheer up cot1198 lol


just rang up NRMA mysef letters(third & final) that show balance reducement will be going out after 1st March 2013...yippeeeeee

Keith

jimmy1000 wrote: »

this wont cheer up cot1198 lol


just rang up NRMA mysef letters(third & final) that show balance reducement will be going out after 1st March 2013...yippeeeeee

Perfect, just sold our house on Sunday :j

lennonc1

cot1198 wrote: »

Thanks for that

I think the main question I would like to ask is:

can NRAM dictate how existing customers are given back interest payments, wrongly taken from them through their breach of CCA regulations. After all I would argue that customers have been financially disadvantaged as they have already paid this money to NRAM from their bank accounts I think it should be paid back into bank accounts.

I have spoke with my lawyer and he agrees that as the loan is unenforcable due to non compliance of cca, all interest payments made during period of non compliance including upto the next 12 weeks (until we receive revised statements) that they have to be refunded! They do not have the right to decide how it is refunded and should have the choice of direct payment or redress.

He advised to speak with them an formally complain that you don't accept redress as you don't want terms of mortgage to change and request direct payment. So I will do this today by calling them as it is recorded and they have 8 weeks to respond. I urge everyone affected to do the same.
With regards to arrears on unsecured loan, again as it is unenforacble they cannot charge interest during period of non compliance they cannot take action on the arrears until they comply, as in court judge would rule the loan was unenforcable at this time and legally cannot take any action on it.
The lawyer said to get back in touch if they won't play ball.

Good luck to everyone and REMEMBER TO CALL AND COMPLAIN NOW