Northern rock loan over £25,000

tonyh66

barnoath wrote: »

You obviously aren't affected by this product as you point out the bleeding obvious in your post and NRAM don't deal in the bleeding obvious, you'd know this if you had tried to deal with them. Just frustration in my last post, I'm a bloke who's trying to sort this out. Please dont send anymore condescending tripe my way. Cheers!

thats where your wrong, I have a together mortgage which I have had for 10 years, my advice to you would be - stop paying because obviously you know better.

tonyh66

downhiller wrote: »

Did anyone get a letter from them saying their mortgage and/ or loan payment amount is changing?

I got one on Friday telling me my payments are going down, but they can't tell me why it's going down. It reeks of me being overcharged historically :question:

yes I got one saying the payments were going up slightly???

Lippyx

barnoath wrote: »

LippyX - I will post on here how we go with this. I have a feeling they have no idea what we should be paying, we have overpaid for past 18 month just trying to get shut of this thing and when we ask what this does to the term of the loan we never get a straight answer.

I still don't understand the difference between us over the £25k and those below it. Same product, same setup just borrowed a bit less.

The difference is those under 25k are regulated by CCA act those over aren't... Even though our agreements say they are!! Apparently, NRAM decided they would be treated like they are regulated, until they realised they mucked up and had to pay out compensation to people under 25k... Then they said our agreements weren't covered by CCA!? Think that's known as having your cake and eating it!

I have asked them how that works and how it's fair.... I'm waiting for a response!

cheekynick

Not sure what significance this may have but people on here were asking when NRAM first became aware that the paperwork issued contained incorrect information regarding the CCA. I have asked this question in the complaint I submitted to them and they have told me they have been aware since 1999!!!

Lippyx

1999?? Then why did they still offer so called regulated loans over £25k knowing this? I didn't get my Together mortgage until early 2000!!

cheekynick

Exactly!

They have said that they were aware of the error since 1999 but decided to treat all loans over 25K as regulated in light of it. Surely they should have ensured agreements from then on in were correct?

I've written to them again for further clarification on this.

Lippyx

cheekynick wrote: »

Exactly!

They have said that they were aware of the error since 1999 but decided to treat all loans over 25K as regulated in light of it. Surely they should have ensured agreements from then on in were correct?

I've written to them again for further clarification on this.

Funny that, as when they realised they had to pay out compensation, they then said loans over £25k WOULDN'T be treated the same!! I have also asked them to explain how this is fair to customers, as they surely cannot keep changing the rules to suit them!??

cheekynick

Lippyx wrote: »

Funny that, as when they realised they had to pay out compensation, they then said loans over £25k WOULDN'T be treated the same!! I have also asked them to explain how this is fair to customers, as they surely cannot keep changing the rules to suit them!??

I guess they will say that the courts have ultimately decided that the agreements were unregulated.

Not so sure how legit it was that they were knowingly selling loans over 25K as regulated when that protection was only offered to agreements under 25K....

downhiller

LippyxQuote:
Originally Posted by downhiller
Did anyone get a letter from them saying their mortgage and/ or loan payment amount is changing?

I got one on Friday telling me my payments are going down, but they can't tell me why it's going down. It reeks of me being overcharged historically :question:

Nope... very interesting. Have you actually asked them why?

Not yet unfortunately. Been running about mad sorting Christmas stuff and I'm away on holiday on Boxing day for a week. I'll pick it up with them in the new year.

cheekynick

Lippyx wrote: »

Funny that, as when they realised they had to pay out compensation, they then said loans over £25k WOULDN'T be treated the same!! I have also asked them to explain how this is fair to customers, as they surely cannot keep changing the rules to suit them!??

Just an update on this , they've confirmed to me that they were aware of the error in the CCA paperwork since 1999.

I've asked why they continued to issue agreements incorrectly after this time and been told because they wanted to "treat all agreements as the same".

So, basically they were knowingly issuing agreements as CCA regulated despite the fact that these agreements did not fit the criteria (i.e. under £25K) required for CCA protection.

This may be one for those who've got legal people involved.