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

Sillysausageuk

They are just hoping the ordinary person won't want to go to those lengths hence cut down the number of people fighting for a "cheque." They prob think its more than worth the chance.

cot1198

lennonc1 wrote: »

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!!

I had the same letter on Friday.
I rang NRAM they said my complaint was not a complaint but only a query. I said it was a complaint and I wanted it treated as one.

lennonc1 make sure they are dealing with yours as a complaint.

No redress here either, I was told the next round of redress will be in about 10-12 weeks so gives us a little more time.

drussmonkey

Ah, there we go, £2500 of redress applied to the account. That's almost cleared the balance so I'm well chuffed

cot1198

Sillysausageuk wrote: »

They are just hoping the ordinary person won't want to go to those lengths hence cut down the number of people fighting for a "cheque." They prob think its more than worth the chance.

I agree, they will probably reject our complaints. But I for one will then take it to the FOS and see what they have to say. I can wait a few months to get this redress one way or another. Just keep plugging away they are hoping you get fed up and give in.

cot1198

drussmonkey wrote: »

Ah, there we go, £2500 of redress applied to the account. That's almost cleared the balance so I'm well chuffed

Congratulations.

InkZ

Those of you who are complaining about redress, can't you just let them adjust the balance and then take a payment holiday?

cot1198

InkZ wrote: »

Those of you who are complaining about redress, can't you just let them adjust the balance and then take a payment holiday?

That is an option. Although if a customer has arrears on the account they would not be able to take a payment holiday and NRAM are not even giving customers the choice of paying the redress off any arrears first then off the balance. Existing customers are just not been given a choice in the matter. That is what I am complaining about. If at the end the redress is paid off my balance I will be happy enough, but I think it is still worth asking questions and knowing what our rights are.

Thrifty_Pixie

lennonc1 wrote: »

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!! :-/

surely the letters they sent out a few weeks ago telling you that you were due a redress and would be hearing in 12 weeks was your prior notice. you're clutching at straws.

to be honest i personally think you are cutting off your noses just to make a point here, as some of you have said that you don't even really care which way you receive your money. it's your prerogative, but i would think that having the balance redressed immediately (and the interest that would save) was worth the lack of hassle, your time and solicitor's fees. some rights are worth fighting for - this just seems pretty pointless.

of course, this is just my opinion, and this is an open forum after all :cool:

cot1198

Thrifty_Pixie wrote: »

surely the letters they sent out a few weeks ago telling you that you were due a redress and would be hearing in 12 weeks was your prior notice. you're clutching at straws.

to be honest i personally think you are cutting off your noses just to make a point here, as some of you have said that you don't even really care which way you receive your money. it's your prerogative, but i would think that having the balance redressed immediately (and the interest that would save) was worth the lack of hassle, your time and solicitor's fees. some rights are worth fighting for - this just seems pretty pointless.

of course, this is just my opinion, and this is an open forum after all :cool:

My thinking is NRAM have said they will pay us this money back. I am just asking the question can they decide how they pay it to us. If the answer is yes they can, then fair enough I will gladly accept the reduction in my balance. But I still think it is worth a few more weeks wait to get a cast iron answer.

lennonc1

Ok have received letter this morning -

The interest will be credited back to your account balance.
We have taken legal advice and believe that our proposed method of remediation is the most appropriate course of action .
By crediting your account rather than paying you cash, all we are doing is crediting back to you the interest that you have already paid to your loan. Effectively that means your loan will have been interest free for a period of time, also means your loan will be repaid faster.
As a result the impact on your account is positive and as a company we are able to fulfil our obligations to treat customers fairly,

I will relay this info to lawyer and see what he says!! Boo!!