Northern rock loan over £25,000

lizards

Yeah, we'd have moved house a lot sooner (and been living in a much nicer area in a more sensibly sized house - a family of five in 500sqft is not pretty) had we not felt trapped by the 8% hike if we hadn't paid it off. It's a really underhand tactic.

carlyberyl

Yes we were in the same boat. Tied in with our mortgage the payments were around £150 a month, once we moved it went up to around £350!

keg1keg

As if the interest rates aren't high enough !!!
Really hope the judges see this from our point of view. We are in a right pickle too ! Flats sitting empty, out grew it but haven't been able to sell without taking a massive loss !

worriedindebt

NorthernRockVictim wrote: »

I think it means that your refund of interest will be a greater amount than the majority if the appeal goes our way. Sounds like you'd receive enough to get rid of the loan!

I can't even begin to imagine a day when that loan is paid off.. I'll still be paying it when I'm in my box I think!

javelin_sam

the general idea was that with the house prices rising and rising that it would never come to a situation that you would invoke the 8% hike. the dream was that we would all spend a couple of years taking a small chunk of the capital off and then the house would be worth 10's of thousands more which would clear the mortgage and then the loan and still leave enough for a deposit on another property... they sold a "dream"

Lippyx

lizards wrote: »

b) If contractual estoppel and therefore the CCA doesn't apply then they're being done on misrepresentation - which they admit near the start. I have no idea if there are any penalties for this, I would hope so.

Can someone tell the guy I am speaking to then that NRAM admitted to misrepresentation, coz every time I tell him this, he asks me HOW the loan was misrepresented, and that I need to SHOW him how I was FORCED into signing the agreement!

Lippyx

javelin_sam wrote: »

the general idea was that with the house prices rising and rising that it would never come to a situation that you would invoke the 8% hike. the dream was that we would all spend a couple of years taking a small chunk of the capital off and then the house would be worth 10's of thousands more which would clear the mortgage and then the loan and still leave enough for a deposit on another property... they sold a "dream"

Too true!! They sold a dream but actually gave us a nightmare!!

keg1keg

Lippyx, your guy is obviously lacking in knowledge on this issue.... Noone was forced to sign up obviously but it is clear as day to me ! Think the green eyed monsters about and they're seething you may get a few Bob !

Lippyx

I think you're right Keg. I even quoted in my last letter to him what the word misrepresented means in the English dictionary... he still didn't agree!
His latest letter says I should wait to hear what the July results from the hearing say. I'll be straight on the phone to him if they fall in our favour!


Then I'll be fighting for them to send me a cheque and not just "adjust" the balance (I have ended up in more debt due to paying court and solicitor fees, so I would like this money back so I can at least pay that debt off!)

NorthernRockVictim

Put this into context, a WHOLE COUNTRY is on the brink of bankruptcy for a repayment amount roughly equivalent to four times NRAM's potential liability if the appeal is thrown out, as it damn well should be! http:// wwt.bbc.co.uk/news/world-europe-33258624