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

debi15

Just phoned there, got through in about 3 minutes. Got just over 200 in readdress, thought it would be more but at least a step in right direction

debi15

debi15 wrote: »

Just phoned there, got through in about 3 minutes. Got just over 200 in readdress, thought it would be more but at least a step in right direction

Sorry should have read just over 2000

lennonc1

I got through an no redress!
Remember you can still contest even if it has been applied!

shredder91

My situation is such that i have no issue in repaying the current monthly amount, so if the term reduces then no current net gain for me in the short term.

I may as well ask the question - no harm no foul, as they say.

I imagine NRAM just want to remove the debt from their books sooner rather than later - if they give the money to everybody then chances are a small %age will go on paying off the mortgage earlier.

lennonc1

gavman99 wrote: »

I just sent an email saying exactly those words. To be honest I'm not that bothered, however it would be nice to get it cash in hand. Would make saving up for Orlando in the summer a bit easier !!

If I am honest I'm not too bothered either, I would just like a choice in the matter! I might decide that redess is better option if I know my rights and have the option.

lennonc1

shredder91 wrote: »

My situation is such that i have no issue in repaying the current monthly amount, so if the term reduces then no current net gain for me in the short term.

I may as well ask the question - no harm no foul, as they say.

I imagine NRAM just want to remove the debt from their books sooner rather than later - if they give the money to everybody then chances are a small %age will go on paying off the mortgage earlier.

Yes I want my payments to remain the same over the same term, what's wrong with that, that was the agreement we both entered!
I do not plan to keep the house for the next 30 years. I will not make anything from selling, as I have 10/12k negative equity and will have horrendous interest to repay, so why not ask for payment direct it only going to go back to nram to pay my mortgage!

drussmonkey

A lot of people would do well to realise that a shorter term is the best option financially. A loan paid off faster attracts less interest overall, making you better off.

This is evidently hard for some people to grasp, because they just want immediate cash. I sympathise if you have other debts where the money would be better apportioned, but 3 months ago you didn't even have this. The whole thing is an unexpected boon, based on a purely legal technicality that no customer would ever have realised. Count your lucky stars. My redress might knock 3-4 months off my mortgage term, but you know what? I'll take it.

lennonc1

Everyone has a different view and different problem and that's why we are here discussing it as we don't know these things, nram probably have the best lawyers taking care of this, but why was it even allowed to happen, if you have a look a cca regulations you will see there is a massive list that they haven't complied with, and they have known for years, this isn't new to them!

drussmonkey

NRAM's objective is to close out these accounts as soon as possible. As infamous as the Together mortgage is, I still think it's a pretty good deal. The SVR is about right and the ability to overpay and borrow-back any amount without penalty is still a feature that nobody else provides.

My only gripe is this absurd 0.01% 'special rate' discount of Together which invalidates you elligibility for the 7-year loyalty discount, although having churned the numbers the 0.25% discount would only result in my mortgage ending a month earlier than it currently will.

lennonc1

Yes you are right but the fact remains that we the customer should have been better consulted and offered a choice.
The overpayment feature is of no interest to me, have never used it and never will. We have no other rights like we did in the beginning, we can't get additional borrowing which was a feature. Or remortgage.
We are stuck with them, not our choice.
We are also being penalised for being on special rate, which again not our fault the bankers ruined things!