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

mhmmhm

Called up this morning to make my regular overpayment - looks like my balance has been reduced by just over £2k - which I think is just the interest payments; rather than receiving 'interest on the interest'. Will see what happens when the statement comes through...

cot1198

mhmmhm wrote: »

Called up this morning to make my regular overpayment - looks like my balance has been reduced by just over £2k - which I think is just the interest payments; rather than receiving 'interest on the interest'. Will see what happens when the statement comes through...

Thanks for letting us know.

I wonder if the people who have not had their balance reduced(like me) are the ones who have complained about the redress method(like me)?

mhmmhm

cot1198 wrote: »

Thanks for letting us know.

I wonder if the people who have not had their balance reduced(like me) are the ones who have complained about the redress method(like me)?

Could be - I hadn't complained about the redress method as, for me, applying it to the balance is the best result (i.e. what I would do anyway if they had decided to send me a cheque!)

dsw8

shredder91 wrote: »

your situation is very similar to mine, altho my loan was a bit higher, we made overpayments in that time but we also took a maternity break - so i imagine that evened itself out. If you got £5225, i would hope for something similar, which would be fantastic.

whichever way it comes, i dont mind - as i said earlier, if i could get the money in my hand i could do some home improvements - desperately need new fascias and guttering - or i knock 5 or 6 years off the mortgage term and i can retire earlier than anticipated

either way would be a win

I hope you get what you need. It will be interesting to see how the redress is broken down when the new paperwork arrives but I am happy with the bottom line figure as it stands.

Can I ask what is a maternity break as we have just had a baby and was not aware of such a thing?

fergalator

I've called this morning to check mine, I've received £3,334 on an original loan of £22,500 taken in May '06 so now down to £16,621. Will be interested to see how that's worked out when paperwork arrives.

Thrifty_Pixie

daisymay2008 wrote: »

have any other 'ex customers' on here had any indication of refund? cheques forthcoming?

i understand that current customers are being dealt with first, but as an ex-customer myself i was wondering if any cheques had gone out yet too? anyone?

money_honey

My husband phoned just now and ours has gone down by £3400 (we had a £15000 loan originally). Happy as we want to get all our debt paid off ASAP.

dsw8

Just a thought...

As NRAM mission is to close down the mortgage book as quickly as possible and recoup the Gov money back to HM Treasury at the lowest risk here is a thought...

Wouldn't it be great if NRAM would come to the table with customers and agree a settlement figure through negotiation that would allow NRAM to recoup say 80-90% of what is owed.
We the so called bad customers could then move away and nram achieves its mission albeit at a slightly reduced loss.

In effect customers could seek mortgages elsewhere if they were being offered a carrot. I for one would seriously consider negotiating if NRAM was prepared to deal...as it stands we will be partners for another 20 years otherwise, and that is something neither party wants

realdeal1011

money_honey wrote: »

My husband phoned just now and ours has gone down by £3400 (we had a £15000 loan originally). Happy as we want to get all our debt paid off ASAP.

Strange that...I have a loan of £17k and only had roughly £2730 returned back?

money_honey

realdeal1011 wrote: »

Strange that...I have a loan of £17k and only had roughly £2730 returned back?

It may be because our loan was originally part of our mortgage at about 4.98% (I think), but when we sold our house in 2011 we still had the loan as the sale price wasn't high enough to cover it. The loan was then changed to a higher interest rate of 9.79% (still the same term) and as we've been paying all the interest up front that's how much they worked out we were owed, approx £3400.