Northern rock loan over £25,000

e.scrooge

I assume readers have seen the updated answers to questions on the NRAM website and are aware letters have been sent out to customers with initial loan limits less than 25k explaining redress (see other NRAM thread).

This looks like a confirmation from NRAM that their view is that customers with loans over 25k are not covered by the CCA and will not receive redress.

I assume readers in a similar position, like I, will not accept this.

Still awaiting response to my complaint.

lizards

Yep, been following the other thread.

NRAM can believe what they like, but it's not up to them after all if this gets taken far enough.

I'm hoping that rather than those letters going out meaning they think we're definitely excluded, I think it just means they haven't decided what they're doing with us lot yet.

In my completely-non-legally-qualified mind, the size of the screw up over this (loans claiming to be covered by CCA that aren't) far surpasses leaving out a few bits of information on statements. But the financial world is full of loopholes and inconsistencies and seeming unfairness so I have to admit I am not holding my breath.

The real saga begins when we get a formal response from NRAM addressing the issue directly. *twiddles thumbs*

downhiller

e.scrooge wrote: »

I assume readers have seen the updated answers to questions on the NRAM website and are aware letters have been sent out to customers with initial loan limits less than 25k explaining redress (see other NRAM thread).

This looks like a confirmation from NRAM that their view is that customers with loans over 25k are not covered by the CCA and will not receive redress.

I assume readers in a similar position, like I, will not accept this.

Still awaiting response to my complaint.

I wouldn't worry too much about the wording on their site. It only mentions customers who had statements with mentions of the CCA on it.

We signed loan papers on the basis that they were CCA regulated and everything on those loan papers and every subsequent statement reflected that.

They still don't have any answer for our problems.

13 days left until I can submit my complaint to the FOS unless NRAM pull something out the bag, which isn't likely. It does look increasingly like they wont honour the CCA protection we thought we were afforded. I suspect we're now in for a long, legal battle with them.

NKLK

Got a letter today to say my loan was affected and they will adjust it within the next 12 weeks

Again it states at the top up to £25,000

Chrisb80

downhiller wrote: »

I wouldn't worry too much about the wording on their site. It only mentions customers who had statements with mentions of the CCA on it.

We signed loan papers on the basis that they were CCA regulated and everything on those loan papers and every subsequent statement reflected that.

They still don't have any answer for our problems.

13 days left until I can submit my complaint to the FOS unless NRAM pull something out the bag, which isn't likely. It does look increasingly like they wont honour the CCA protection we thought we were afforded. I suspect we're now in for a long, legal battle with them.

Downhiller – I would have thought that when they say statements that mention CCA regulated, they mean people who signed loan agreements to this affect. We are one and the same?!

The website clearly states:
“We are aware that some customers with loans of more than £25,000 have been sent documentation in the past that contained references to the CCA. If this applies to you, we apologise for any uncertainty this may have caused. These references were wrong and will not appear in future statements"

So it sounds like they have made their decision and we are not entitled to redress. I guess they will need to formally write to us and confirm their stance.

Just by saying, don’t worry we will make sure that future statements don’t include reference to CCA regulation isn’t good enough. If they are changing the basis of the loan agreement then surely something more “formal” needs to happen, right? A new agreement to be issued for example?

Anyone have any thoughts?

Leemg

I also received the letter yesterday stating I was affected, but it seems they will refund the money to our loan account.... Surely it should be refunded to us ? Or am I missing something here???

ger_ryan22

NKLK wrote: »

Got a letter today to say my loan was affected and they will adjust it within the next 12 weeks

Again it states at the top up to £25,000

I wonder if I got this letter because that's the first instance I've seen where they've put a redress timescale on it. Anyway, I'd prefer the cash but a lesser mortgage balance is good too.

mancpickup

Just for clarity as this post is for loans above £25000. The people who have received the letters advising of a redress were your loans over or under £25000?

Panda666uk

On my Fixed Sum agreement regulated by the CCA 1972 Form from when I got the loan with the below on it

IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS. The Consumer credit act 1974 etc

Then has a box below it with This is a credit agreement regulated by the consumer credit act 1974. Sign it only if you want to be bound by it's terms.

(Unsecured loan taken out on the 9th Nov 2006 for £25,000 over 10 years.)

I won't be able to claim anything back ?

Thanks

Barny1979

Still had no letter from NRAM after all this time.