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

darlingdaisys

lutzi1 wrote: »

Taken from the Northern Rock website:

"We are currently assessing the full impact of this issue and are writing to all NRAM customers who are affected to advise them on the next steps we will take. NRAM mortgages and standalone unsecured personal loans are unaffected by this issue".

So according to them, unsecured loans are not due for compensation.

So by the looks of things, its only the Together aspect customers that are due for any money?

DSJS08

Would someone please explain exactly what I should be looking for on my Statements that would indicate whether they have/haven't made the error?

So far I think I tick all the boxes. Does this error refer to any statements provided by NR/NRAM? Or the original agreement?

DSJS08

Actually, reading the NRAM piece on their website it refers to "In selected letters and customer account statements". I can see a balance on my statements for the loan but no reference to the original amount. Is this what I should be looking at?

fermi

I would imagine that the mistakes are under the regulations set out here? Or similar.

http://www.legislation.gov.uk/uksi/2007/1167/schedule/1/made

I would not depend on that though, as the CCA requirements are regularly amended, and for the non-expert very difficult to pin down to what actually applied at any snapshot of time.

oobjasob

Wow, am sooo confused! Trying to look after a 6 month old and 3 year old whilst trying to make sense of this = scrambled brain!

Is this whole matter just in relation to the unsecured loans that were live between 2008 and 2012 only?

It's just that there are people on here talking about loans that they had and were subsequently paid off BEFORE 2008 so now I'm not quite sure what to think.

Can someone spell it out for my simple baby brain please??!!!

jamtree

Oobjasob
Hello my understanding is that its when NR changed to NRAM in 2008 and the CCA implemented changes and new guidelines these werent followed correctly
so prior to 2008 you wont be affected but any payments made after this might be
I hope im right on this and it helps

Cocolal

Canesplitter wrote: »

Re the above message it would be really helpful if you(someone?) could provide the contact details for northern rock...I had a loan with them which was paid off and have moved house since so don't have paperwork and a google search just seems to point me to virgin money...can anyone assist with phone numbers for Northern Rock please?

Thanks

Mike

Hi

I called 0845 6099610

They were very helpful and when I gave them my old account number they went through data protection questions and then took all my news details i.e new address

Thought it would be best to make sure they can contact me!!

Best of luck

Wywth

flexrider wrote: »

Excuse my ignorance but this is going to be one cost to the taxpayer like many people have said

but i cant stop asking the following to my self?

when RBS lost 38Billion pounds of taxpayer money-Did they get compensation or is this because northern Rock was saved by the tax payer when Lab was in power from failing you get a compensation

Seems Good for some people but taxpayer money is going again to cover the cost.

Yep, I think that will cost each of us taxpayers about £9 each on average.

Remember, we're all in this together... unless you are one of the lucky 152,000 about to pocket an average £1775 as a result

Who needs the National Lottery when you can play the Northern Rock?

DSJS08

Wywth wrote: »

Yep, I think that will cost each of us taxpayers about £9 each on average.

Remember, we're all in this together... unless you are one of the lucky 152,000 about to pocket an average £1775 as a result

Who needs the National Lottery when you can play the Northern Rock?

That didn't seem to be previously a concern to anyone who has being tracking their mortgage against the BOE base rate whilst the NRAM mortgages are sitting at 4.79%.

Please remember that such customers are also tax payers and more than likely, due to the nature of the fact they are NRAM customers, in need of any help they can get.

I don't think i've ever come across anyone who actually want's to be a NRAM customer, we just can't get away and are struggling tooth & nail to break that link.

luckwudaveit

DSJS08 wrote: »

I don't think i've ever come across anyone who actually want's to be a NRAM customer, we just can't get away and are struggling tooth & nail to break that link.

I don't want this thread to go OT but it wasn't until I started reading this thread that I now realise I'm not the only one stuck with NRAM and whatever rate they throw at us, with no way out. I'm sick of hearing people talk about negativity equity not being an issue unless you want to move house.