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

RupertTheCat

I am a Northern Rock customer on their loyalty rate, so we do exist! Not quite sure why I qualified for it, but it knocked £50 a month off my mortgage payments, and every little helps...

goaten2000

RupertTheCat wrote: »

I am a Northern Rock customer on their loyalty rate, so we do exist! Not quite sure why I qualified for it, but it knocked £50 a month off my mortgage payments, and every little helps...

When did you go onto the loyalty rate? was it before the gov't intervened?

RupertTheCat

I went onto the loyalty rate about June 2012 I think - not sure. I was somewhat surprised to receive a letter saying I was getting it as I knew nothing about it!

DebtMagnet

shredder91 wrote: »

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!

Hi shredder91

Just a quick question for you if you don't mind?

Have you managed to work out whether you got redress included for the period where you took the maternity break? My old statements are in storage at the mo so can't check myself but we took a maternity break and while we never 'paid' the interest at that time, we were certainly charged it to the account balance.

As I can't work it out myself just now I wondered if you had any idea if they had included it or not?

Cheers
DM

goaten2000

RupertTheCat wrote: »

I went onto the loyalty rate about June 2012 I think - not sure. I was somewhat surprised to receive a letter saying I was getting it as I knew nothing about it!

And are you still with Northern Rock or did yours get moved over to NRAM?

lennonc1

Everyone who has been redressed - question your calculations with them and check if additional interest has been added - as they no most won't question it so will chance their arm at giving out lower that what is owed!!!

shredder91

DebtMagnet wrote: »

Hi shredder91

Just a quick question for you if you don't mind?

Have you managed to work out whether you got redress included for the period where you took the maternity break? My old statements are in storage at the mo so can't check myself but we took a maternity break and while we never 'paid' the interest at that time, we were certainly charged it to the account balance.

As I can't work it out myself just now I wondered if you had any idea if they had included it or not?

Cheers
DM

Hi DM,

Off the top of my head as i don't have it to hand either, my guess would be yes, they have included the interest from the maternity period - at 41 months to be redressed, our interest payment on the unsecured part of the loan was approx £100 - £120 - so that fits in with the redress amount.

Shredder

123chase

goaten2000 wrote: »

And are you still with Northern Rock or did yours get moved over to NRAM?

Yeah, good question!!

I moved to NRAM, and couldn't get the loyalty rate, I am on a special rate 4.78% just 0.01% below the standard. Have had the together mortgage since 2002. Thats' loyalty for ya!

123chase

I have just logged a formal complaint about being on the special rate, and not being able to get the loyalty rate. I wasn't given a choice, had a fixed 3 year term, then a fixed 5 year term, then special rate. Got to wait 8 weeks now.

RupertTheCat

goaten2000 wrote: »

And are you still with Northern Rock or did yours get moved over to NRAM?

I was moved to NRAM, though I'm not in negative equity so I'm not sure why I ended up with them. Just my rotten luck I imagine.