Northern rock loan over £25,000

daveylad

barnoath wrote: »

Dealing with the call centre is frustrating. I've called before to see what different overpayments would do to the loan, they had no idea what interest to apply or how quickly the loan could be paid back.

The thought of paying £80k back for a £25k loan makes me boil up. How do they expect 40,000 people to simply accept this without a fight?

We had know idea about the rate hike until we moved our mortgage.

This together mortgage will and has changed my life for the worse. I will never see this money again that I've been getting screwed for, I'm stuck in a house that is too small for my family because if I moved my mortgage I would end up paying over £300 in interest alone. These products should never have been sold and pushed onto consumers by greedy banks and brokers alike. And it's us who are still suffering years on. They didn't even know or care if the loans were covered by the CCA they were utterly negligent in the way they conducted their business and went to wall as proof of this negligence. I want free of NRAM and this loan, they should grant recission of these loans to free people from the extortionate interest rates. The tax payer gets its cash back and we all get to walk away from NRAM and get on with life.

barnoath

Daveylad, I'd never let this situation get on top of me. I'm adamant had I known at the time the full implications of this product I would never have taken this on. Young couple (both 23 at the time) that really didn't understand what the product was. That's the mortgage advisor who we used's fault though not northern rocks. We could have done things so differently at the time (not putting our car loans into this amount and paid seperatly like we were doing just fine with) but hay ho can't change the past.

It got my wife and me into our first house and start our family which I wouldn't change but at the same time I'm not going to get shafted by this, I will find a way of resolving this without not paying my debts. Northern Rock/nram will get every penny back that we borrowed.

bigbadwolf500

keg1keg wrote: »

Together Mortgage Action Group on Facebook.

Doesn't seem to be much chatting going on over there.

Lippyx

Nothing happening on the FB page?
I complained to NRAM about misrepresentation, and have had a letter saying I have to now give them 8 wks to respond.
This is all just too exhausting.....

daveylad

Lippyx wrote: »

Nothing happening on the FB page?
I complained to NRAM about misrepresentation, and have had a letter saying I have to now give them 8 wks to respond.
This is all just too exhausting.....

I have had the same letter lippy x
Maybe we have hit a nerve and they have extended the respond time to come up with a defence??

Lippyx

daveylad wrote: »

I have had the same letter lippy x
Maybe we have hit a nerve and they have extended the respond time to come up with a defence??

No, its the standard time we have to give them before we take it to FOS, not that I think they will be any help!!

keg1keg

Hi, sorry. I've had a bit of time away from all this- New job, school hols etc... We still have a solicitor who is piecing together facts but it's a very slow process and done in his own time. When and if there is something, I'm sure he will let us all know. I'm sure it will be a long process. :-)

Never_ending_NRAM

Hi there,

I've been reading with interest many of the difficulties that others have experienced with NRAM and the £25k+ unsecured personal loan.

* Personally, I took a £154k mortgage with a £26k unsecured element back in 2006.
* I always assumed that this was covered by CCA, but never kept the original copy.
* Following the recent court case, I went through all the paperwork I do have and found the words
"Your credit agreement for your personal loan is regulated by the CCA 1974 and we are obliged to give you this notice of default to you under the provisions of the Act (unless we have obtained a CCJ)"...
these were on a letter I received after I had cancelled my DD in annoyance and then incurred a fee after some typically shoddy NRAM customer service.

* Now, does this change anything? Does this count as 'new' evidence?
* Also, I'm not sure on whether I should now just pay the remaining element of the loan back. I redeemed the mortgage earlier this year and paid down half of the secured loan, so just have some £11k left.

thoughts welcomed...

Ben

keg1keg

http://www.thetimes.co.uk/tto/law/reports/article4550005.ece?utm_term=law+updates
I struggle with legal jargon ?

cheekynick

Ben, this may be potentially significant, keep hold of that letter!

My understanding is that the Court of Appeal said that the CCA wording attached to our paperwork was an "administrative" error. If NRAM have tried to use the CCA in order to serve you a notice of default then I'm not sure that would also encompass the same "administrative error"?

Be good to get other people's views on this and for those that have referred the matter to a solicitor then I think it's something worth mentioning...