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

lennonc1

unspec wrote: »

I would be interested in what response you get. I'm also tempted to ask about statutory interest on the monies.

The more people call and question it the better as they will then know or realise we know, haha! But seriously send email to -
customerrelations@n-ram.co.uk with name address and account number, stating you would like to know if statutory interest has been added.
I am unable to know as I have not received redress yet, maybe as I am in dispute about it.
Dont let anyone put you off as we have the right to question things when it affects us.

cot1198

tracy7 wrote: »

Just to point out that the amount of redress you receive is not the only saving you make here. By reducing the loan by the amount you receive you will be paying less interest as a direct result of that from the day you receive it, and as much aggrieved as you might be with this mortgage product you chose and agreed the details when you entered into the agreement. Many people myself included could not have bought a house had this particular option not been available. You will also not be paying that amount of interest for a further number of years (the number by which your term has been reduced) so do consider how much money this can actually save you in the long term compared to other much smaller debts taken over a shorter period of time.

Much as many of you seem to want to get your hands on the money to reduce debts you need to realise the bigger picture here and the potential that it holds to make a huge saving. People need to think long term here not just the instant gratification of a couple of thousand pounds.

So in essence you are saving: the initial amount of interest applied as redress,
the reduction in interest from the day the redress is applied and the reduction in interest by reducing your loan term.

My mortgage and loan taken over 25 years equates to practically double what I took out in the first place so it makes absolute sense to reduce the term by as much as much as you can afford to and why redress is a very sensible and beneficial option.

As for interest on the amount which has been refunded, as many people have pointed out this agreement was made between you and northern rock and you agreed to the level of interest that would be charged and to pay it, this redress would never have occurred if it had not been for an oversight, an oversight which you would never have been aware of had they not admitted it, and something which has had absolutely no impact on your account. It is a happy bonus, but I can't help but think of vultures circling around their ill begotten prey. I respect that people have monetary problems in the current climate, with job losses etc but I think people should actually appreciate this bonus handed over on a silver plate, one which I do not in all actuality think we truly deserve.

The only real concession I think should be made is for the redress to be used to rectify arrears on their account, as I think this could be extremely valuable for people in dire need and give them some breathing space. I am lucky enough to not have any arrears on my account, but this could help a lot of people out of the brown sticky stuff and ease a lot of the financial burden, stresses and pressures on those concerned and I think this should be addressed.

I as I think many others who are trying to get the method of redress looked at, are well aware of the implications of having the money in our bank account as opposed to having the money taken off our balance, our terms reduced and the interest we will save in the long run.

I for one am fighting for the right to choose how we get it back, thats it. At the moment it's their way like it or lump it. I have said before for quite a lot of customers NRAM's way will be a good way of redress. But one size does not fit all.

cot1198

lennonc1 wrote: »

Check this link out first page on preface - Not sure where in country you are but I am in Scotland.

http://webarchive.nationalarchives.gov.uk/20090724135150/http:/scotcons.demonweb.co.uk/publications/reports/documents/ClassActionsintheScottishCourts.Anewwaytoobtainredress.May1982.pdf

A lot to look through there.

I am in South Yorkshire. Not really up on the legal system, would we be able to bring together customers from all over the UK in one court either in Scotland or England. Is there any separation between the two systems?

lennonc1

cot1198 wrote: »

A lot to look through there.

I am in South Yorkshire. Not really up on the legal system, would we be able to bring together customers from all over the UK in one court either in Scotland or England. Is there any separation between the two systems?

It was really the first page that matters, meaning we have more rights as a consumer group, have you read this thread from the beginning? Think there is a lot of people interested in this action.

It is something I am looking into but at a last resort, I do believe that we will get some sort of arrangement with them.
Another forum someone had asked them and said it was in cca that they could redress as they see fit, but that is rubbish no where states that so they are clutching at straws to be honest.

cot1198

lennonc1 wrote: »

It was really the first page that matters, meaning we have more rights as a consumer group, have you read this thread from the beginning? Think there is a lot of people interested in this action.

It is something I am looking into but at a last resort, I do believe that we will get some sort of arrangement with them.
Another forum someone had asked them and said it was in cca that they could redress as they see fit, but that is rubbish no where states that so they are clutching at straws to be honest.

I agree, Yes read the thread from the start.

I would be interested if we fail through NRAM or FOS.
They are really trying to reduce the number of customers willing to fight this out with them. Telling customers things and hoping they will accept what they are told.

cot1198

I do hope we can get an agreement with NRAM either directly or through the FOS. But who knows how far they will be willing to dig their heels in.

BTW got a response from my MP saying they think it would be better to have a meeting to discuss the problem. So will try and set that up and see what advice they have to offer.

lennonc1

I know, they are hoping there is only a small amount of us willing to fight it, but between this site and another there are so many. I need to speak with nram to make sure they know my email was in fact a complaint and not a query as stated, or I will call fos and see if I can use that as final response and they take over...lol then nram will have to give me some straight answer.

lennonc1

My friend is assistant editor at the sun in scotland... I know not the best paper to be contacting but im sure he can get some sort of press piece together and send to other papers, im sure if we can get this highlighted publicly then they would have to deal with us.

cot1198

lennonc1 wrote: »

My friend is assistant editor at the sun in scotland... I know not the best paper to be contacting but im sure he can get some sort of press piece together and send to other papers, im sure if we can get this highlighted publicly then they would have to deal with us.

I think that would be a good idea.
NRAM are trying to keep this as quiet as they can. The more noise we can make through the press or our MPs the better.

lennonc1

cot1198 wrote: »

I think that would be a good idea.
NRAM are trying to keep this as quiet as they can. The more noise we can make through the press or our MPs the better.

oh you have to read this only a couple of pages but a good read...
I am actually going to call him as I am not too far from him and see what he says to our situation...

{Link Removed{

if you cant get it via that link pm me your email and ill send as attachment...fact that might be best as some watching the thread might be the enemy lol lol.