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

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Comments

  • Just got a 3.3k readdress, happy days! Thats mortgage and loan down from 127k to 107k in last 14 months....nearly time to move, canna wait!
  • Evenfields
    Evenfields Posts: 28 Forumite
    edited 8 March 2013 at 10:21AM
    I think you will find that it was indeed NRAM who were out for a quick buck from their customers!

    Firstly, you clearly have no appreciation clearly of how NRAM have treated customers who on finding that they can't pay these loans because they've lost their job due to the recession etc that NRAM are not as you would assume sympathetic. They are always first in the queue to use the CCA against the struggling customer, so excuse these customers from accepting this redress. The CCA works both ways and NRAM have been sloppy and learnt this the hard way.

    I still cannot fathom just how NRAM managed to make this almighty mistake in the first place. It's not as though they did not know like every other bank or credit card firm that these new amendments were coming in, they had plenty of warning! Where were the regulatory bodies then to check up on them, how come they didn't know that they were churning out incorrect statements? You would think that the FSA and OFT would have been looking over their shoulders..... after the collapse. It defies belief really.

    With reference to the form of the redress, perhaps NRAM are so keen to take it off the balances and not cough up the cash as maybe the loans were Securitised? Just a thought as they did securitise a lot of their mortgages via Granite etc. You could ask them directly or of they won't tell you, you would need to do a subject access request and ask that question directly.
  • jimmy1000
    jimmy1000 Posts: 41 Forumite
    I am a great believer in NRAM.

    WE seem to forget the majority of mortagages given about by NRAM who for people who could NOT ger credit. you have a house now-thousands/millions cannot get on the property ladder-you should be very grateful to NRAM!!!!

    NRAM have apologised for the huge mistake over CCA-
    AS soon as this happened (lemoncake/cot333357) were planning trips to Egypt/Malaysia etc-No it's not about that

    NRMA want you to reduce you debt-pay back over a shorter period.

    lets welcome NRAM-It's time to close this thread and move on.

    I for one am very happy with my £2,985 refund off my loan.

    :money::eek::A
  • gavman99
    gavman99 Posts: 50 Forumite
    To those of you who have had redress applied to your account, what day/date did this happen on ? I'm just interested to know if NRAM are applying the adjustments on a nightly basis, or if they are doing them in weekly batches ? If its weekly, or god forbid monthly, theres not much point in me calling them every morning to check my balance.
  • lennonc1
    lennonc1 Posts: 276 Forumite
    gavman99 wrote: »
    To those of you who have had redress applied to your account, what day/date did this happen on ? I'm just interested to know if NRAM are applying the adjustments on a nightly basis, or if they are doing them in weekly batches ? If its weekly, or god forbid monthly, theres not much point in me calling them every morning to check my balance.

    Hiya, they are applying the redress every week, lady I spoke to said so many every week, unless you have a complaint logged like me and many others! If you have stated you do not want this applied to loan they can't go against your wishes as they would be in more trouble.
  • Evenfields
    Evenfields Posts: 28 Forumite
    jimmy1000 wrote: »
    I am a great believer in NRAM.

    WE seem to forget the majority of mortagages given about by NRAM who for people who could NOT ger credit. you have a house now-thousands/millions cannot get on the property ladder-you should be very grateful to NRAM!!!!

    NRAM have apologised for the huge mistake over CCA-
    AS soon as this happened (lemoncake/cot333357) were planning trips to Egypt/Malaysia etc-No it's not about that

    NRMA want you to reduce you debt-pay back over a shorter period.

    lets welcome NRAM-It's time to close this thread and move on.

    I for one am very happy with my £2,985 refund off my loan.

    :money::eek::A


    I suggest that it is in fact you who needs to move on.

    Why not start your own thread entitled, I love NRAM :p

    Fyi NRAM under the leadership of UKAR should not have made such a basic error in the first place. The mistake was made after the bank was taken into state ownership and they like evey other lender if they want to lend money, are bound by law. If they breach part of this law as a lender, the law is quite clear about the consequences -literally. NRAM has no power to dictate the payback of interest to suit them. There is nothing in the CCA to support this view. So if people want/need/welcome back the money (because they are struggling in this recession) they have already paid to NRAM for a period of time to which they are not liable to pay, then who are you to argue with that!
    The downfall of the bank was the first part of the domino effect and NRAMs irresponsible behaviour has led to the situation our country is in, not the other way round. Why do you think NRAM were happy to lend and dreamt up these products in the first place? Presumably and most likely, they were because they had immediate plans to securitise them and therefore did not care about the high risk because they would be paid back immediately by the securitisation structure! Another story perhaps and another thread?

    Actually the product that this redress applies to is irrelevant really as it could have been any CCA product, the actual workings of the product or NRAM's lending policy do not factor into the mistake, it is the application of the CCA which applies to all regulated loans.

    So, stop blaming the Together customers and jog on.
  • cot1198
    cot1198 Posts: 334 Forumite
    justinjjw wrote: »
    Just got a 3.3k readdress, happy days! Thats mortgage and loan down from 127k to 107k in last 14 months....nearly time to move, canna wait!

    well done, glad you're pleased with your outcome.
  • lennonc1
    lennonc1 Posts: 276 Forumite
    I take it some comments have been removed now thanks Mse team!
  • cot1198
    cot1198 Posts: 334 Forumite
    lennonc1 wrote: »
    I take it some comments have been removed now thanks Mse team!

    Yes, I think so.

    Lets keep this thread open and free of offensive posts.
  • lennonc1
    lennonc1 Posts: 276 Forumite
    cot1198 wrote: »
    Yes, I think so.

    Lets keep this thread open and free of offensive posts.

    Yes agreed! Im sure we will all know something soon enough! Positive thoughts :D
This discussion has been closed.
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