We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MSE News: Northern Rock pays £270m to 150,000 after gaffe
Comments
-
-
The state has bailed out nram meaning it is a loan, the government will get it back eventually.
The trouble is the cost of the redress will need to be met by the tax payer either now or in the future. As a government run company any losses will fall to the tax payer, you and me. In effect this means
I have been charged interest when I should not have and I will indirectly fund through taxation refunding my own money back to me.
Oh no I'v gone crossed eyed.0 -
I think lennonc1s bail out misunderstanding relates to the fact that it was the original 'Northern Rock' who were bailed out by the government who took on the liabilities now known as NRAM which enabled 'Northern Rock' to be bought out by Virgin Money.0
-
Yes sorry the two parts confuse me. I do understand what you mean, I am only looking for clarification of what my rights are with all of this, as I've said before it's more about the principle.0
-
I think lennonc1s bail out misunderstanding relates to the fact that it was the original 'Northern Rock' who were bailed out by the government who took on the liabilities now known as NRAM which enabled 'Northern Rock' to be bought out by Virgin Money.
Yes sold to Virgin Money at a huge loss to the taxpayer BTW.0 -
Thrifty_Pixie wrote: »Re: "Around 152,000 Northern Rock customers will get an average £1,775 compensation due to a paperwork error..."
Just wanted to start a new thread for all ex-NRAM customers to update when they hear anything about their redress. I had my first letter a few weeks back after informing them of an old, closed, account and change of address. Still waiting to hear if I am liable, and if so, what it'll be and when.
Watch this space!
Thanks for starting the thread.. Am also ex-NRAM.. I have sent my complaint letter and they acknowledged it asking for 8 weeks to investigate..
Will update once I hear from them..
Cheers
FroggyFroggy's New Lillypad FundTotal so far: £ 10,009.770 -
A few posters are talking about people wanting redress options as money grabbers and vultures. But really those who are Happy with redress taken off their balance are still taking NRAM's money just the same. It's just a question of how and when we take it. If redress is taken off the balance, the taxpayer takes a hit at the end of the loan as the term is shorter and that part of the loan is then written off. If redress is given directly, the tax payer takes a hit now because the amount payable stays the same as does the term. As many have pointed out this will increase the amount of interest we will be paying over the term of the loan so in effect we will probably pay back more in interest than we will get in directly paid redress.
If you are that ashamed of taking NRAM's money why don't you contact them and tell them you don't want it as you think they have done a very good job and you really don't deserve any money back.
You shouldn't do that of course because you are entitled to redress however it is given and I will say it again because some posters still do not seem to get it. I am only asking questions because I want to know what rights we have as customers. So please lay off the name calling.0 -
A few posters are talking about people wanting redress options as money grabbers and vultures. But really those who are Happy with redress taken off their balance are still taking NRAM's money just the same. It's just a question of how and when we take it. If redress is taken off the balance, the taxpayer takes a hit at the end of the loan as the term is shorter and that part of the loan is then written off. If redress is given directly, the tax payer takes a hit now because the amount payable stays the same as does the term. As many have pointed out this will increase the amount of interest we will be paying over the term of the loan so in effect we will probably pay back more in interest than we will get in directly paid redress.
If you are that ashamed of taking NRAM's money why don't you contact them and tell them you don't want it as you think they have done a very good job and you really don't deserve any money back.
You shouldn't do that of course because you are entitled to redress however it is given and I will say it again because some posters still do not seem to get it. I am only asking questions because I want to know what rights we have as customers. So please lay off the name calling.
I couldn't have said it better myself.
There is no need for name calling jimmy1000, original as it is, we are only here seeking advice from others. I for one am in a very stressful situation at the moment and don't find any of your comments very helpful.0 -
Why do these things always end up in an argument? Why are we, customers, getting the blame for taking the "tax payers" money when in fact the GOVERNMENT (as u pointed out owns nram) practically handed it to us on a plate by failing to keep up with current legislation? Once again another mess made by the government, not us! If they had never admitted it was happening I would have been none the wiser, paying back a loan that's well within my means to pay and took out consciously with full knowledge of the implications of a high ltv loan!0
-
I wonder if this information (percentage of people put on a rate just 0.01% lower than SVR before the 7 year discount period) could be requested under the freedom of information act - just an idea!!!! Would save chasing round the houses and highlight any malpractice.
From www . gov . uk / make-a-freedom-of-information-request / the-freedom-of-information-act:The Freedom of Information Act gives you the right to ask any public sector organisation for all the recorded information they have on any subject.Northern Rock (Asset Management) plc Registered in England and Wales (Company No. 3273685)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards