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

dsw8

craaaigo wrote: »

A few other lenders have actually done this over the past few years post credit crunch. I 'think' it was GMAC who offered to write off 10% if certain customers remortgaged elsewhere within a settimescale. Would be great, but don't hold your breath....

I won't hold my breath but at least it's possible so thanks for the info very helpful...

I did try to broach the subject with the call centre staff to test the water but got a pretty blank response

One for the future perhaps....

dsw8

anthonymucker wrote: »

Phoned up today and mine has been reduced by£4715.65 well happy but they didn't say if interest was on it. They did say that letters are being sent out today explaining everything . Best news I have had all year !!

Well done - its a good feeling to hear the news for the first time isn't it

Did you calculate that amount looking over old statements or was this more than you expected?

anthonymucker

Yes it was around this amount pal I am we'll happy with the amount just hope everybody else does ok aswell .will find out on Monday when there letter arrives

dsw8 wrote: »

Well done - its a good feeling to hear the news for the first time isn't it

Did you calculate that amount looking over old statements or was this more than you expected?

lauraeast23

...........

shredder91

dsw8 wrote: »

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?

It is part of the together mortgage, in the t's & c's that we could take up to a 6 month break.....so we did, altho that upped our monthly payment when it finished..lthe payments stopped, but the interest didn't

lennonc1

cot1198 wrote: »

Interesting stuff, thanks

Hiya, a wee update on complaints same as ours this was reply to another members complaint -

Thanks for your enquiry. The interest will be credited back to your account.
WE HAVE TAKEN LEGAL ADVICE ON THE ISSUE, AND BELIEVE THAT OUR PROPOSAL METHOD OF REMEDIATION IS THAT MOST APPROPRIATE COURSE OF ACTION.
Nram then go on to explain why they think that this is the best course of action.

Ok so guess this is what we will receive to! I will have to speak with lawyer again as there is no other option.
I honestly can't believe that our lack of rights in this matter, this should be reported to office of fair trading!!!

Sillysausageuk

Right, I've been meaning to do this for a while. I still have all the original paperwork so if you need me to look anything over just ask (Together Mortgage). I have looked at the section on changing terms/payments and it says the following:

8.2 We may change the Term at any time. We may do so either by agreement with you or for any of the following reasons:

a) to take account of any further loan we make to you
b) because the interest-only basis has ceased to apply to a loan or any part under condition 5.3(b)
c) to take account of the Loan or any part of it continuing on the interest-only basis where you accept the proceeds of a Repayment Vehicle rather than use the proceeds to repay the loan
d) because the repayment basis has ceased to apply to a loan or part of it
e) to rectify any mistake made by us and where it is reasonable for us to do so
f) for any other reason where it is fair and reasonable for us to do so
8.3 We will give you notice of any change we make to the Monthly payment or the term. The notice will state where the change is to come into effect (which will not be earlier than the date when we give the notice).

Looks like we have ammunition guys! What's the consequences of them breaking their agreement?

lennonc1

Ok, so if this redress is made without prior notice they are in breach of contract. Then what can be done! I have complaint in about it and dont think my account has been redressed yet, how do think that would affect thing? I just seem to be going round in circles as to what our rights actually are, if any!! :-/

Sillysausageuk

I've been trying to search what happens in a case of BOC but information isn't clear. Doesn't looks like it will amount to much tho as most things simply say they have to cover any monies lost- which is none!

lennonc1

I will call for advice tomorrow as I am completely stumped, one thing contradicts the other. In a court of law the judge would agree, as they have admitted, that the loan in unenforcable and would have to repay interest taken during the period of non compliance, then they would order the payment made. It's really a no brainier, but don't really want to go that far! But they will gladly let you do that. They will probably get their own way eventually!!