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Northern rock loan over £25,000
Comments
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Yes, contact them. It's for ANYONE who had a loan over 25k. Give them a call and get them to register your complaint!0
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Quoted from the MSE article "The Court of Appeal's decision is expected in July. NRAM originally made a provision of £261 million for redress, but each month the case is ongoing, an extra £3 million of interest accrues. So, by the end of July, if the ruling goes in favour of customers, they can expect a share of around £282 million"
Can anyone explain this, surely NRAM are now compliant with the CCA, so why should the amount of redress alter as time goes by? I thought we would only be eligible for the interest paid during the periods of non-compliance.0 -
Quoted from the MSE article "The Court of Appeal's decision is expected in July. NRAM originally made a provision of £261 million for redress, but each month the case is ongoing, an extra £3 million of interest accrues. So, by the end of July, if the ruling goes in favour of customers, they can expect a share of around £282 million"
Can anyone explain this, surely NRAM are now compliant with the CCA, so why should the amount of redress alter as time goes by? I thought we would only be eligible for the interest paid during the periods of non-compliance.
It's becsuse statutory legal interest is due on the lump sums awarded and will continue to accumulate until they are paid, unless of course NRAM win the appeal.0 -
Ah yes makes perfect sense, thank you.0
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Hello all
Looking in to this matter for my wife who has a loan over 25K attached to her together mortgage taken out in 2007. A couple of questions for people please -
1. Have NRAM ever issued new paperwork to individuals correcting the fact that those with loans over 25K are not covered by the CCA?
2.Is the information on mortgage statements that they failed to provide now appearing as it should and if so when did they amend this?
Thanks0 -
The various articles seem to suggest that if the loan has not been repaid then the refund will be knocked off the loan.
I don't see why this should happen. The payments came out of my bank account and should go back into my account. Surely it is up to me if I decide to use the money to pay off my loan or not?
There may be a legal precedent for this that allows them to reduce the loan but I will certainly be asking for a cheque.0 -
R1DGDALE99 wrote: »The various articles seem to suggest that if the loan has not been repaid then the refund will be knocked off the loan.
I don't see why this should happen. The payments came out of my bank account and should go back into my account. Surely it is up to me if I decide to use the money to pay off my loan or not?
There may be a legal precedent for this that allows them to reduce the loan but I will certainly be asking for a cheque.
Me too!! I have a lot of history with my loan (ex partner left me with it, and not paying anything towards it)
Due to this I have other debt that I have accumulated over the years due to solicitor bills etc... I'd like to use this money to pay this debt off first thank you very much!!
I'm still going to be paying off this poxy loan even after they deduct what is owed, it will make minimum difference!0 -
Nickyc, we have never had amended paperwork or statements. We asked for a statement before Christmas and received one with the word COPY printed on it ! It was not a copy !?!0
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Thanks Keg, surely if they made the mistake of saying these loans were CCA regulated on the original documents then new paperwork should have been issued if they are maintaining the agreement is not CCA regulated?0
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I have one of the loans that was above 25K, I am currently in a DMP with interest frozen (this happened last year) I am looking to try and do a full & final settlement, if I offer it and it is accepted and paid, then the court rule in favour of the customers would I get my redress or would the F&F or indeed the DMP stop me from getting the redress?0
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