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

craaaigo

I've received my final letter and can confirm that they have definitley not added any interest to the redress as i't matches exactly what i'd worked it out to be based on the interest rate(s) i was paying and the loan outstanding.Theres no reference to interest at all in the FAQs. I'm going to have a think and might take this further with them. I know its pushing my luck a bit and I am happy to get the redress but they're well known for dirty tricks themselves (ie not abiding by the 7 year discount) so we should probably go for the throat!

lennonc1

You are not pushing your luck, they are hoping to get away with that as well. They are hoping noone questions it. Get on the phone to them - customer relations are the only dept that will take it seriously.
Sneaky dogs that they are lol!

lennonc1

Well I figured out I'd be due an extra £300 if statutory 8% is added, so how many thousand customer is there? So they are trying to save on potentially another half million!!!

We can take group action if there is at least 10 of us, the court will automatically try the case if it group action, worth a shot looking into maybe??

shredder91

had my letter through the post and i have received £4592 and reduced my term by 9 years.

In the letter they say that the redress is made up of interest and charges that have been applied to the account but it doesn't mention compound interest - should this also be applied and will we get a breakdown of what the redress is made up of?

i'm not saying i don't trust them but.......well, there is no is no other way of saying it, i don't trust them!

123chase

craaaigo wrote: »

I've received my final letter and can confirm that they have definitley not added any interest to the redress as i't matches exactly what i'd worked it out to be based on the interest rate(s) i was paying and the loan outstanding.Theres no reference to interest at all in the FAQs. I'm going to have a think and might take this further with them. I know its pushing my luck a bit and I am happy to get the redress but they're well known for dirty tricks themselves (ie not abiding by the 7 year discount) so we should probably go for the throat!

I agree completly. I have never found one person to be on their "loyalty rate." We all have a special rate, yeah right!!

Stan_Trinket

Hi does anyone know how they have calculated the redress? According to NRAM's mailing it says the time of non-compliance was from 01/10/09-28/02/13. I make that 41 months. It says also that the "account balance has therefore been reduced by an amount equal to the interest that you were charged over this period". I pay about about £100 interest a month on the loan. So by my crude calculations it should be around £4100 before interest. I have had £3116 knocked off the loan. Am I being thick?

monkeyp

I've got a mortgage with NR since 2006. In 2007 I have taken two secured loans totalling less than £10K.

Am I going going to get a redress on these?

thank you

kazonuk

DIY_Dave wrote: »

I am in the same boat, ex NRAM customer still waiting to hear.

Lets hope that it won't be long!

I'm another ex-NRAM customer, no letter as yet

unsecured loan between 2006-2012
amount under 25k

:mad:

shredder91

monkeyp wrote: »

I've got a mortgage with NR since 2006. In 2007 I have taken two secured loans totalling less than £10K.

Am I going going to get a redress on these?

thank you

as i understand it, no - the redress is only on unsecured loans under 25k taken from Northern Rock.

shaney1981

I have received my letter acknowledging my complaint so I guess I will just have to wait. Unfortunately for nram I don't think they are going to get the grateful, bow down treatment they were expecting from most of us.... Lets see what they come up with