Northern rock loan over £25,000

fermi

Thanks.

Link as presumably you can't post one yet.

http://www.n-ram.co.uk/loans/loans-over-25000

fermi

And

http://www.ukar.co.uk/media-centre/press-releases/2015/06-03-2015?page=1

06 Mar 2015

NRAM plc previously disclosed that it had commenced declaratory proceedings in the High Court to determine whether customers who took out unsecured loans above the Consumer Credit Act 1974 (CCA) regulated cap of £25,000 and that were written on CCA documentation are entitled to similar rights and remedies as those who took out loans that were regulated by the CCA.

Following the initial High Court judgment, the NRAM Board sought leave to appeal in order to obtain full legal clarity. Leave to appeal was granted and the NRAM Board, after considering legal advice and the implications for both customers and taxpayers, has decided to pursue an appeal. This will be heard by the Court of Appeal at the end of April 2015 with the outcome expected to be before the end of July 2015.
When the process is complete, and we have determined the appropriate course of action, we will provide a further update and confirm any actions we are taking.

Richard Banks, Chief Executive Officer of UKAR, commented:

“We sought leave to appeal as we have a duty to the taxpayer to safeguard public money and no financial detriment has been suffered by customers. Having carefully considered legal advice, we have decided to appeal the High Court’s decision. Customers do not need to act at this stage. If any redress becomes due, we will write to all those affected to advise on next steps.”

NorthernRockVictim

'and no financial detriment has been suffered by our customers'
Just hope that the Appeal judges realise that the same statement should have applied to the <25k customers!

NorthernRockVictim

Does anyone know if an appeal is the last stage, or could they appeal the appeal? Either way would be nice to see this one put to bed in July!

fermi

Decisions of the Court of Appeal can be appealed in the Supreme Court in some circumstances. Again, not automatic right as far as I know and you need permission from the CoA or SP.

That is as far as I know though.

Kravean

Hi there guys, I know this isn't the exact subforum for me but you seem so knowledgeable that I thought I would enquire.

I took out a Northern Rock mortgage, which was £88k, back in 2005, which was a Together Mortgage with a fixed loan element of £13375.00 (fixed for 2 years)
I still have the same mortgage, never changed and not moved house, it dropped onto the SVR after 2 years and I have been paying ever since

Am I entitled to compensation with this mortgage? I did look into this a few years ago but didnt follow up on it as I couldnt see any reference to PPI within my paperwork

Thanks

keg1keg

Kravean, this court case is for loans over 25k. Redress for under 25k has already been paid. Check with NRAM, email could be your best bet.

NorthernRockVictim

keg1keg wrote: »

Kravean, this court case is for loans over 25k. Redress for under 25k has already been paid. Check with NRAM, email could be your best bet.

For the affected <25k it should have been automatic redress, I truly do not understand what's going on with NRAM and their lack of transparency, is it a case of no voice/claim then no redress?

ScottyDB

It'll be interesting to see how the govt/NRAM try and punt off the debt whlist this still hangs over their heads

NorthernRockVictim

ScottyDB wrote: »

It'll be interesting to see how the govt/NRAM try and punt off the debt whlist this still hangs over their heads

It's all under wraps, so they are not accountable pre-election!