Northern rock loan over £25,000

rmart

Consumer credit specialist Robert Cooper, of advisory firm Scott Robert, in Stafford, said: "If the loans were above the old £25,000 limit and were struck before April 2008, then the loan document is incorrect as they are exempt agreements and most provisions of the act don't apply, but it is still a contractual agreement for credit.
"That means the contract is based on what is written in the documents and potentially on what was stated in discussions between the two sides prior to forming the contract. The terms agreed between the lender and borrower become the contract. If those terms are not adhered to then there will be a potential breach of contract.

"There may also be a case for misrepresentation if the borrower was induced into the contract by the statement that it was regulated agreement when it was not. If misrepresentation exists then a claim could be made for damages and rescission of the contract depending upon the category of misrepresentation," he added.

carlyberyl

Even on the statement we received last week it clearly states we are covered! Do they even have a clue what theyre doing?

rmart

http://www.scottrobertllp.com/

I have emailed this guy to ask about legal representation. feel free to join me.

downhiller

I dont think we need to engage a law firm yet.

First point of call should be Northern Rock. If they don't satisfy us then we approach the financial ombudsman.

rmart

maybe,

But they have said in that report that we have no claim. A bit of a legal letter may make them think and also do they need the bad publicity about giving out what they accept as misleading loan documents ?

downhiller

I wonder who uncovered the problem with the incorrect statements? If it was a borrower or someone within NRAM. Either way the place must be an absolute riot just now, and I actually feel sorry for the staff manning the phones. They must be getting a torrent of abuse from disgruntled customers.

rmart

Not sure, but now it has been uncovered that they also used misleading and incorrect loan docs for us lot there will be even more fun in the office.

ginger_tom_3

Watching this thread very closely - and well done to those involved for the media coverage so far. Found my original loan agreement with NR today from 2004 for 30K on CCA headed paper so looks like I'm potentially affected too.

downhiller

http://www.mirror.co.uk/news/uk-news/northern-rock-disgruntled-customers-demand-1494974

lizards

Yes, thank you to all of those who have been so proactive on this! Really grateful to you all.

I'm a little frustrated as we only wanted £25K to begin with but they made us take £29,500 instead of having it secured on the mortgage. No idea of the rationale behind it but Northern Rock didn't make a lot of sense on a lot of things it turns out!