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

123chase

drussmonkey wrote: »

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.

I agree completely, I had the mortgage with them since 2003, and clocked up a few years loyalty, to be told, I can't have the loyalty rate as I am being charged 4.78%

It's the principle more than anything, I will be glad once both parts are paid off, that's why I am helping it along with overpayments.

I did however look into taking a new mortgage but with the arrangment fees, and limitations, just isn't worth moving. Overpayments is the best option, not tied in either, total flexibility, just hope the ERC waiver stays.

lauraeast23

jimmy1000 wrote: »

NRAM Have been good to us since the merger...

Not interested in getting in an argument over the redress issue, however I feel the need to reply on this above statement.

how exactly? I have never missed a payment on my mortgage yet my account was moved to NRAM as part of the toxic debt.

They will not take on any new business so I cannot remortgage with them and as I am in severe negative equity I cannot go elsewhere.

I understood what I was taking out, I knew about the increase in % if I went elsewhere with my mortgage and left my unsecured loan with them HOWEVER at that time they were still taking on new business.

They keep me on a SVR rate that is 0.01% lower than their current SVR so that I do not qualify for their loyalty rate as I am on a "special rate".

I am currently living in the US and trying to get the correct statements out of them that I need has been taking me 4 months and they still have not gotten it right AND they have been charging me for the incorrect ones that they are sending. I complained about this and have had no response

For those that are struggling they could have offered reduction in payment versus reduction in term, but they haven't offered any option at all.

So besides this redress that they now have to refund back to me because of THEIR negligence to comply with the law (not out of the goodness of their hearts) what exactly do you have to back up this statement.....?

lennonc1

lauraeast23 wrote: »

Not interested in getting in an argument over the redress issue, however I feel the need to reply on this above statement.

how exactly? I have never missed a payment on my mortgage yet my account was moved to NRAM as part of the toxic debt.

They will not take on any new business so I cannot remortgage with them and as I am in severe negative equity I cannot go elsewhere.

I understood what I was taking out, I knew about the increase in % if I went elsewhere with my mortgage and left my unsecured loan with them HOWEVER at that time they were still taking on new business.

They keep me on a SVR rate that is 0.01% lower than their current SVR so that I do not qualify for their loyalty rate as I am on a "special rate".

I am currently living in the US and trying to get the correct statements out of them that I need has been taking me 4 months and they still have not gotten it right AND they have been charging me for the incorrect ones that they are sending. I complained about this and have had no response

For those that are struggling they could have offered reduction in payment versus reduction in term, but they haven't offered any option at all.

So besides this redress that they now have to refund back to me because of THEIR negligence to comply with the law (not out of the goodness of their hearts) what exactly do you have to back up this statement.....?

Here here!!I am in the exact same position.

dsw8

Called up today and got through nice and quickly. Asked for my balance and happy days - £5225 redress thank you very much. Shaved 25% off my outstanding loan so pretty happy, nay ecstatic, based on where I was 3 months ago. Not sweating the small stuff and celebrating the lucky breaks when they come along. Life is a short journey and we need to enjoy it. Thinking about money troubles is simply wasting precious time and energy better spent playing with your kids seeing our friends and being with the people that matter most. This people, is a blessing however it is received and it could be so much more worse. Thanks NRAM for playing a straight bat on this one and taking responsibility for your error. Onwards we go to debt free living!

lennonc1

dsw8 wrote: »

Called up today and got through nice and quickly. Asked for my balance and happy days - £5225 redress thank you very much. Shaved 25% off my outstanding loan so pretty happy, nay ecstatic, based on where I was 3 months ago. Not sweating the small stuff and celebrating the lucky breaks when they come along. Life is a short journey and we need to enjoy it. Thinking about money troubles is simply wasting precious time and energy better spent playing with your kids seeing our friends and being with the people that matter most. This people, is a blessing however it is received and it could be so much more worse. Thanks NRAM for playing a straight bat on this one and taking responsibility for your error. Onwards we go to debt free living!

That's fantastic we'll done! I agree completely with what you say, I just want my query answered and If i cannot get this refund paid directly then I am still more than happy with redress!
I'm so glad people are getting good results. Finally!!!

anthonymucker

:T would you mind me asking you how much your un secured loan was for just has a idea how much I may be entitled to . Mine was for £21000 and was taken out in 2006 thanks again and well done :beer:

dsw8 wrote: »

Called up today and got through nice and quickly. Asked for my balance and happy days - £5225 redress thank you very much. Shaved 25% off my outstanding loan so pretty happy, nay ecstatic, based on where I was 3 months ago. Not sweating the small stuff and celebrating the lucky breaks when they come along. Life is a short journey and we need to enjoy it. Thinking about money troubles is simply wasting precious time and energy better spent playing with your kids seeing our friends and being with the people that matter most. This people, is a blessing however it is received and it could be so much more worse. Thanks NRAM for playing a straight bat on this one and taking responsibility for your error. Onwards we go to debt free living!

lennonc1

I have 19k loan and roughly guess 40 months interest @ 95 - 3800 with interest at statutory 8% - 304 plus any charges made during that period think I have 2 £30 charges!!

cot1198

lennonc1 wrote: »

That's fantastic we'll done! I agree completely with what you say, I just want my query answered and If i cannot get this refund paid directly then I am still more than happy with redress!
I'm so glad people are getting good results. Finally!!!

100% my feelings. For me the issue has never been getting my hands on the money. For me it has been about getting a fair deal, given a choice, being consulted and not being rail roaded into what NRAM want us to do because it is better for them.

Sillysausageuk

Anyone else worried that this will be followed by an increase in interest rate?

dsw8

anthonymucker wrote: »

:T would you mind me asking you how much your un secured loan was for just has a idea how much I may be entitled to . Mine was for £21000 and was taken out in 2006 thanks again and well done :beer:

Ours was for 23500 so near upper limit since early 2008. We have been making overpayments during that time too so I was unsure how that would be factored in. After reviewing the statements following the PR in Dec 12 I guesstimated c. 5k and it was around that. Hope you get what you think your owed and best of luck!