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

lennonc1

123chase wrote: »

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

They cannot do this! They cannot alter terms without your prior consent! I checked with lawyer today! If this has been done to mine I will be so angry and will start legal action!
Im off to call them now!

cot1198

123chase wrote: »

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

Im glad, hope it is what you were looking for

cot1198

I think we may have a couple of jokers posting here.

cot1198

just phoned NRAM they confirmed leters will be giong out on the 4th March. Though the balance on the loan account had not changed

Ianm55

I've followed this thread from the start and have received both letters. I've just got off the phone to nram and the poster is right, my balance has been reduced by £5957.38 and my payments staying the same with my term reduced. I know people wanted cheques but I'd rather it come off my loan so I'm over the moon.

cot1198

lennonc1 wrote: »

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

Thanks for this I have a complaint with NRAM regarding the redress payment so will wait and see what they say. Good information though.

cot1198

Ianm55 wrote: »

I've followed this thread from the start and have received both letters. I've just got off the phone to nram and the poster is right, my balance has been reduced by £5957.38 and my payments staying the same with my term reduced. I know people wanted cheques but I'd rather it come off my loan so I'm over the moon.

nice one glad it came out the way you wanted.
I've just phoned nram and they told me my balance had not been reduced, but then again I have told them not to do that until we have resolved whether it is right that they get to decide how the redress is paid

Could someone who has posted on this thread please confirm if their balance has been reduced yet please.

lennonc1

Ianm55 wrote: »

I've followed this thread from the start and have received both letters. I've just got off the phone to nram and the poster is right, my balance has been reduced by £5957.38 and my payments staying the same with my term reduced. I know people wanted cheques but I'd rather it come off my loan so I'm over the moon.

It seems you have had your balance adjusted already! Do you know if that figure is correct, have you done your own calculation and was interest added on that also? Thanks C

Ianm55

That's what's actually come off my loan. I didn't work out exactly what I should have got so I'm not sure if interest was added, the advisor said a statement will be getting sent out shortly so it should be detailed in that.

firehamster

Ianm55 wrote: »

I've followed this thread from the start and have received both letters. I've just got off the phone to nram and the poster is right, my balance has been reduced by £5957.38 and my payments staying the same with my term reduced. I know people wanted cheques but I'd rather it come off my loan so I'm over the moon.

Hi Ianm55
Glad you got a result! Would you mind sharing the details of your 'claim'(Date loan taken out, amount etc)

Is the amount of redress what you were expecting? Do you think it includes interest on top of what you were due?

Many thanks...