Northern rock loan over £25,000

bigfudge

My concern is that nram may have purposely lost the first case knowing that if the take ruling to the court of appeal and win then we as customers have no come back. Well we could go to the Supreme Court but it's very unlikely.

NorthernRockVictim

As I understand, the court of appeal will not accept a case unless there is a genuine point of law to consider. That said I entirely agree that we should be treated precisely the same as the <25k customers which of course is exactly what the original judge concluded. What does irritate me somewhat is that despite the appeal hearing being at the end of this month and scheduled for just 10 hours, NRAM state on their website that the outcome will not be known until July, does anyone know how that could be true?

skinnybowler

Hi All, I'm a Northern Rock Together Customer. I took out a together mortgage in 2006 with an unsecured loan just under £30,000 over 35 years. I was trying to work out how much I will get in redress should they lose the appeal. Am I correct in thinking that it will be all interest paid since 31 October 2009?

If so, that will be a very significant amount as I have been paying 12.9% since I moved house in July 2012, leaving just the unsecured loan with NR.

Should I write to them making a claim? If so, does anyone have a template?

NorthernRockVictim

skinnybowler wrote: »

Hi All, I'm a Northern Rock Together Customer. I took out a together mortgage in 2006 with an unsecured loan just under £30,000 over 35 years. I was trying to work out how much I will get in redress should they lose the appeal. Am I correct in thinking that it will be all interest paid since 31 October 2009?

If so, that will be a very significant amount as I have been paying 12.9% since I moved house in July 2012, leaving just the unsecured loan with NR.

Should I write to them making a claim? If so, does anyone have a template?

Yes, that is correct, and as I understand there is no need to write to them, just keep an eye on this forum and the Appeal result. If you see postings that others have been paid out and you haven't, then I would suggest writing to them.

carlyberyl

I'm not sure if it's the interest paid plus 8%...

NorthernRockVictim

carlyberyl wrote: »

I'm not sure if it's the interest paid plus 8%...

Yes, I think you're correct, so it would be base rate (.5%) + 8% statutory legal compound interest.

carlyberyl

Is it not the interest rate paid plus 8%? Sorry I'm confusing myself with it all

NorthernRockVictim

carlyberyl wrote: »

Is it not the interest rate paid plus 8%? Sorry I'm confusing myself with it all

AFAIK it's interest paid + (base rate + 8%) http://www.hardwicke.co.uk/insights/simple-interest-calculator

carlyberyl

Ok so it's interest paid plus the base rate plus 8%, for periods between 2009-2012? Is that right?

NorthernRockVictim

carlyberyl wrote: »

Ok so it's interest paid plus the base rate plus 8%, for periods between 2009-2012? Is that right?

Rates are correct, bit I'm not 100% certain about the redress qualifying period.