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

cot1198

nzmegs wrote: »

I am also concerned about the reduced term. As an interest only mortgage holder I will now be expected to come up with the full amount of my mortgage sooner.

Am I right in thinking that the reduced term relates to the entire Together product (the loan plus the mortgage) or does it relate to the loan only?

if it is the former we will need to sell our home to pay it off at the new date. We could not save enough to cover it all otherwise. given the reduced term.

if we decided to overpay our mortgage with a view to getting it all paid off - how do we work out how much more we will need to pay? (sorry not directly related...)

This relates to the unsecured loans only.
Any loan secured on your home that runs along side your mortgage
will not be affected and the term will stay the same.

jimmy1000

NRAM lawyers checked the small print-yes they can reduce the terms-we all signed the agreement from there-spoke to NRAM who are very helpful-they once again confirmed NO CHEQUE/CASH or postal orders will be given out.

i wanted a cheque but was told -no way Jimmy!!!

I am pleased that NRAM have come forward(youre right they have had too) big clanger and they will rectify)

I have decided I'm going to stay with NRAM as they are overall pretty decent-

i must admit the girl I was chatting to on NRAM said they will claw most of 270 million by interest rates hikes over the next year(s)-that didnt make me happy.

heres to NRAM...AND CHEERS FOR YOUR MISTAKE-

!:money:

jimmy1000

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-:money:

best to reduce your term of your laon-than expensive holidays-

me too i got £3095 back:money:

chips78

I havent recieved anything from Nram yet and am still unsure if they have started looking at ex nram customers.

BritAbroad

I have called twice informing them of an old account and change of address - no acknowledgement in writing as yet. Will give it another couple of weeks them chase them again.

lennonc1

cot1198 wrote: »

Where did you find these lennonc1?

Hiya, this was on the link I'd sent you about govan law centre, but google basic business principles and should be code of conduct on business!

blinkydamo

Hi guys,

Wondering if you could help clear something up for me please.

I have received the letters stating I have a redress of £2743 as of the 24/02/13. I have received new set of statements going back to 2008. The loan WAS secured to my house with the mortgage but has since become an unsecured loan when we changed the mortgage to another company.

I have just gone through all the statement, ending with the latest on the 28/02/13, and I am unable to see a reduction in my balance equal to the amount I have been redressed?

I have just got off the phone with NRAM and the lady on the other end was of no help at all. She has passed it to the CCA department, they will send a letter!

The outstanding balance that is written on the paperwork is nearly the same as the lady stated on the phone so I fail to understand how I have been given this money back.

I understand that I will not see a reduction of my monthly payment and my term has been reduced but I expected to see a drop in the balance.

So my question is, should I see my balance reduced by £2743 on the statement for the month of Feb 2013?

Cheers in advance and I hope I have got the info in that you need,

Cheers

Blinky

lennonc1

Hi blinky, I would imagine that you should see your revised outstanding amount on your statement otherwise they are still getting it wrong and non compliant! Speak to customer relations as they are the only team that seem to know anything, if your unhappy complain there and then!!
Hope everything gets sorted!!

lauraeast23

drussmonkey wrote: »

My major complaint against them now is that they've changed their consent to let charges from a fixed £100 a year to a flexible fee that can be up to £1200 depending on the remaining size of the loan. That is a cynical travesty designed to extract more money from customers, and to help compel them to shift their mortgage to a Buy To Let with a competitor.

Loses on a Rental Account don't really matter though, as all loses are deferred for tax purposes, so if I'm £1200 down now against my rental income, that's just £1200 of tax I don't pay in the future when renting it out actually is profitable.

I did not know this - when did this change ?

How anyone can be pro NRAM is beyond me - they screw us over every which way.

First 0.01 discount to deny the loyalty SVR and now this.

I live in the US I can't sell as in negative, so have no option but to rent out and now I am going to get shafted for this too, and I won't have the money to pay it so they'll kindly offer to add it to my mortage, thereby creating more interest for them.

And due to the ltv they will not CTL for longer than 1 year....

This is outrageous, people are trying to make the best of a bad situation and we just get it shoved right back in our faces

Glasgow77

Jimmy

That's now a 2556 a 2985 and a 3095 redress you have had lol.


I think if I was at the wind up I would remember what I had said in previous posts lol.


Safe to say you are talking p*sh but we all knew that anyway didn't we