Northern rock loan over £25,000

dvr80

Ive also received the holding letter after submitting an official complaint about £25k+ loans.

gaz2180

Hi - been following this discussion with interest as I am in the same position. Noting the official NRAM response for those of us with loans over £25k:

"We will be writing to these customers to explain the position and to provide them with updated documentation. While we do not believe that any customer will have suffered a financial loss, we apologise to customers for any uncertainty this matter has caused.”

What will be the updated documentation? Seven years of statements I can maybe understand. But how can they send me an updated loan agreement? It won't have my signature on it...

Their point about us not suffering a financial loss was valid - until they paid out to all other customers with loans under £25k. Surely we've suffered that 'loss'?

And there was no 'uncertainty' - I was certain that I was covered under the CCA...

Lastly, what happens if we all take a £1 advance on our current loans? Since the £25k limit was removed, do they then all become regulated?!

downhiller

Got my written acknowledgement of my complaint today. 8 weeks to provide their final response...

Fizzy_Fish

downhiller wrote: »

Got my written acknowledgement of my complaint today. 8 weeks to provide their final response...

Same here. Still, at least it isn't an outright no!

Mightyreds89

I took out a together mortgage in November 2007- that included a £15,257 unsecured loan, I then moved address pretty quickly on 11th April of 2008 and ported my mortgage and took on some additional borrowing on both the secured and unsecured element with the unsecured being (£25,257) both the original 2007 and 2008 documents signed make reference to the unsecured loan being CCA.

What are people's views on this scenario?

Also I am looking to email NRAM but they appear to have taken the contact us by email option off of their website?

Cheers and good luck

shellyk6666

Mightyreds89 wrote: »

Also I am looking to email NRAM but they appear to have taken the contact us by email option off of their website?

Hi, it's at the bottom under 'How do I make a complaint'. The email address is customerrelations@n-ram.co.uk

Hope that helps

mrsvanderkamp_2

Hi all

I have just come across this thread and can't believe that this seems to have passed me by completely!

Of course I have a NR loan of over 25K, hence my interest in the thread, but it is of even more interest to me because of the following background.

We took a together loan of 27K in 2001 and I have my agreement sat in front of me quite clearly stating that it is regulated under the CCA 1974.

We de-linked the loan but I can't quite remember when but I do remember having a conversation with NR along the lines of "my loan never seems to go down despite all the repayments I've made" Anyway they assured me it was "on track" to be repaid.

In 2008 we got into financial difficulty and started a DMP.

From the outset NR were incredibly unhelpful, refused to accept the DMP and long story short, took us to Court, got a CCJ and then slapped a charging order on the house! Bearing in mind that up until 2008 we had repaid the loan every month at the prescribed rate of interest, it was rather galling that the sum owed some 7 years later was still £27,000!! I can't remember what the payment was when it was still linked but I do remember that later on it was around £250 per month. A conservative estimate of 5 years payments of £250 adds up to £15,000 so how the hell they stated
we still owed £27,000, I have no idea! It literally never went down!

I remember doing some research when trying to defend the CCJ (we were still willing to pay them, but only what we could afford and clearly we didn't want a CCJ and Charging Order) and I remember reading about the CCA only regulating loans of under 25K but I think from memory I also read that I was unlikely to be able to challenge them based on that fact and so of course they won.

On now having another think about this, I really think I should have defended our position better (but was actually on anti-depressants at the time so not really in the best head space) I also just noticed on the particulars of claim that they refer to an agreement made "on or around the 18 March 2001" It was actually made on 26 March 2001 and how would they not know this unless they did not have a copy and how could it be enforced by a Court without evidence from them that I had actually signed it?? Really don't know why I didn't think of these things at the time!

Anyway having just looked at my credit agreement it does not provide for a monthly repayment, it just has a clause which states "monthly payments - such equal amount as is calculated by us". Neither does it provide a "total amount for credit" figure. I was under the impression that a loan that is regulated under the CCA SHOULD contain that information for it to be correct and enforceable?

So it seems that not only have NR issued loans over 25K that CANNOT be regulated under the CCA 1974 on the basis that they ARE so regulated, but even the CCA's themselves are incorrect?

So, from my point of view I have paid to NR a conservative estimate of at LEAST £20,000 in interest (I'd need to work out all the payments made over the years based on different interest rates) and yet according to them I STILL owe them over £28,000 (yes they added lots of charges when we got into trouble!)

If there is ANY chance that this sum should be refunded to me then I am more than willing to explore that possibility, and no doubt the thousands of others on DMP's who were also so shafted with charging orders by NR would like to do likewise.

It is not about getting something for nothing and not paying back ones debt, it is about being treated fairly and legitimately (and yes if you push me, it is about shafting NR as hard and fast as they have shafted everyone else over the years) I don't want to hear about it being tax payers money - my DH and I are both Tax Payers and as such we have contributed towards bailing NR out (and yes I know that the haters will say that that was down to people like me not paying them back, although as I have said it simply down to hard times and they really should have considered their wisdom in lending 130% LTV in the first place, it was an obvious recipe for disaster!) but as they say, what goes around comes around and so any monies owing to me by NR I will just see as a little bit of a refund of overpaid tax! Not to mention interest:mad:

Sorry the post is so long but thanks for reading!

shellyk6666

Am I correct in thinking that even for people with loans under £25K they will get a refund of interest paid since the changes to the CCA in 2008? I was under the impression that the requirements of the original loan sum to be included on the statements only came in 2008 - is that correct?
Thanks

downhiller

That's my understanding

lizards

mrsvanderkamp - that's very interesting indeed that it was ruled Northern Rock won your CCJ case. I'm not a legal expert at all, but I presume this took place in a court and therefore a judge ruled that it WAS covered by the CCA? In which case perhaps we do have a legal precedent.

What do others more knowledgeable than me think?