Northern rock loan over £25,000

Bobster78

jimbo5661 wrote: »

My loan was originally £26,400 in 2004, however by 2008 the outstanding was around £23k... Does this matter or is it just dependant on the original sum borrowed?

It's based on the amount borrowed initially.

Bobster78

If you cant find your original documents ou can request a copy from Northern Rock direct. However they can't find my previous mortgage from 2004-2005 as they state they don't have a record of anything over 6 years old.

I have also had an email confirming they are looki g I to my complaint and it will be 8 weeks for them to assess.

I started this thread in the hope that a handful of people had been in the same situation as me and also had an axe to grind with northern rock for whatever reason. I am gob smacked at the amount of responses in a few hours. The "sorry for the inconvenience" line will not cut it for me. I had to remortgage after my fred rate finished and had to redeem the loan with the equity in my house

Fact is the documentation was misleading and wrong.

Bobster78

ANewBeginning wrote: »

Hi everyone

My husband and I took out a NR Together mortgage in July 2002. We borrowed £75932 on the mortgage part at SVR. We also took out the loan element (Together Variable) amounting to £23985 for 300 months.

I have hung onto copies of the original agreements and dug them out. i shrieked when i tead through it all as on the document for the £23985 together variable loan it clearly states CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974.

I have had no correspondence in relation to this from NR. As our loan amount is less than this £25k threshold that is being mentioned, where do we stand? Is it worth me writing to NR to raise it with them? Or do I just bide my time and hope they get in touch?

To be honest, a windfall would help tremendously with paying off our current credit agreements. I'm not being greedy. Anyone in this situation would try to claim back money. I have worked hard for my family all my life, never won anything, or had bank charges refunded, so it's exciting that there is the possibility that some money could be heading our way.

Anyone got any good serious advice about the best way to proceed? All answers and guidance gratefully received. And good luck to everyone in the same situation.

Thank you

Hi all loans less than 25,000 were regulated under the CCA 1974 and. Northern Rock made an error on the some of documents which they are looking into. So you can contact them to ask about your loan. The problem is with people having loans over 25,000 (unregulated amount) having the paperwork on regulated paperwork there is some confusion.

mancpickup

I have received a letter today as others have on this forum to say that they have no resolution to my complaint and that I can contact the FOS. Seems strange to me as they had until the end of February to reply (8 weeks from my complaint). To me this is suggesting they expect their internal investigations to go past this date, or they are just sending standard letters out.

kaybo69

I get the feeling there is something brewing.
The standard letters are very inconclusive and suggest they don't know where they stand on this and that there may be some very damaging payouts on the horizon.
By referring everyone to the FOS it's almost like they are trying to minimise follow up complaints and for FOS to come along and sort this for them because they just havn't got the resource or expertise.

DarenFairh

Hello

It is interesting that I received my mortgage and loan statement yesterday and - guess what - on the loan statement it is still stating that the fixed sum agreement (which was for £30,000) is regulated by the Consumer Credit Act 1974!

Am I missing something here or is this a continued misrepresentation? I am in the process of putting together a letter of complaint following this latest piece of information.

kaybo69

Taken fromt the FOS website -
"As in previous years, we continued to see some cases where consumers argued that their loan agreement was “unenforceable at law”. Unfortunately, many of these complaints were based on inaccurate or out-of-date information. The ombudsman service has no legal power to declare a loan unenforceable in court. Only a court can do that. This means we may not be the most appropriate forum for complaints based solely on this point."

jimmyay

Whether the loan in "unenforceable" or not would have to be decided , could only be decided, by a court.

However compensation may be offered as a settlement by NR in due course if they feel after legal advice, they may lose a court case.

It's a complete can of worms though as they have effectively admitted misreprentation already by saying the docs were inaccurate.

No one should sign fresh agreements without legal advice i would say.

The word needs to go out wide and loud about this as NR may well need to face a strong challenge before it capitulates.

GhIFA

Just a quick note. I got involved in this thread quite early on. Whilst we are all entitled to an opinion, on reflection I did not present mine in the best way - in fact I came across as a bit of an a**e. Therefore I would like to apologise to anyone who I offended with this. To those that have already received correspondence fom NR suggesting you may be entitled to redress then fair play to you. To those still seeking resolution to both this and others issues, good luck. Thank you.

ginger5092

GhIFA wrote: »

Just a quick note. I got involved in this thread quite early on. Whilst we are all entitled to an opinion, on reflection I did not present mine in the best way - in fact I came across as a bit of an a**e. Therefore I would like to apologise to anyone who I offended with this. To those that have already received correspondence fom NR suggesting you may be entitled to redress then fair play to you. To those still seeking resolution to both this and others issues, good luck. Thank you.

Well, good on you ghifa, didnt agree at all with your replies but hey, there we are. Takes a lot to apologise especially over the net so good on you. I think , myself included, that we have all been screwed by all the banks for so long, why shouldnt we have a go ?
Maybe just me , but hey