Northern rock loan over £25,000

tinystar2001

I am still waiting for a letter from NR regarding our position, but wondered if anyone could help. We have one of these loans as part of a 'Together' mortgage, and have paperwork stating it is CCA regulated, as have others. Our original offer for a loan was for £30K but we only borrowed £23k. Does the CCA cover loans taken out under £25k or is it dependent on what was offered by the bank? We have never increased our loan so have never borrowed more than the £25k threshold.
Thanks in advance for any info.

Bobster78

tinystar2001 wrote: »

I am still waiting for a letter from NR regarding our position, but wondered if anyone could help. We have one of these loans as part of a 'Together' mortgage, and have paperwork stating it is CCA regulated, as have others. Our original offer for a loan was for £30K but we only borrowed £23k. Does the CCA cover loans taken out under £25k or is it dependent on what was offered by the bank? We have never increased our loan so have never borrowed more than the £25k threshold.
Thanks in advance for any info.

Only loans with an original advance of less than £25,000 can be regulated by the CCA, so if your loan is over £25,000 at the start (ie the amount of money borrrowed) it ISNT regulated by the CCA even although the paperwork may say that it is.

DarenFairh

Hello all

Had my letter acknowledging my official complaint over the weekend. So now the clock is ticking for NRAM as they now have the 8 weeks to reply to the complaints that I have made in relation to the loan of £30K that I took out in 2007. I was wondering whether anyone else had either lodged a formal complaint regarding this with NRAM or whether anyone had heard anything more from them?

Thanks

Bobster78

DarenFairh wrote: »

Hello all

Had my letter acknowledging my official complaint over the weekend. So now the clock is ticking for NRAM as they now have the 8 weeks to reply to the complaints that I have made in relation to the loan of £30K that I took out in 2007. I was wondering whether anyone else had either lodged a formal complaint regarding this with NRAM or whether anyone had heard anything more from them?

Thanks

Just got the standard letter saying they had eight weeks, I pointed out that my "complaint" was actually such and not an enquiry. Also that it should be treated separately to the ongoing confusion with the loans under £25,000 that they are publically addressing currently.

Will let you know any updates.

jimmyay

i recently moved abroad but will be putting my complaint in as soon as i get my paperwork through from the UK . I have a good feeling this is going to end in huge embarrassment for NR.

tinystar2001

Thanks Bobster, the original advance was only £23k. It was just that the offer was for £30k, but we never borrowed that amount.

Mj72

Hi we also have a together mortgage with a £30k loan, we are very concerned with the situation and following this thread with interest.
Has anyone looked into the possibility of pursuing any agent that has mis-sold them this mortgage ?
We had a detailed talk with our I.F.A at the time and told that we would have protection with the regulation of the C.C.A on our unsecured part of our loan.

ger_ryan22

I got the original letter and am still waiting to hear anything else. Will keep you posted but I can see this one dragging on and on....

saveupthesmiles

I wonder if those who have voted that they have been told they are entitled to compensation and those who have had it confirmed that they're not could elaborate more on their circumstances?

rmart

These baffons who are running NRAM are completely thick.

Just had the annual statement (the one for the loan that stated it was covered by the CCA, but now they are saying it is not)

Guess what, on page 1 it says. "the following two paragraphs relate to your "Consumer Credit Act regulated credit agreement" !

Also what a rip off it is, we paid a lot of the balance off when the property was sold it left us with around £10,000 still to pay so they up the interest rate to 12.79%.

Balance at start of yr £8992. 12 payments of £96.90 later and the balance is £8979. Over £1200 in payments and only £13 off the balance.

I really hope they find these loans have to be given protection of the CCA.