Northern rock loan over £25,000

Shelldon

Hi all. Im new to this forum but felt i should join as ive been reading up on here regularly since December!

Hubby and I made the biggest financial mistake of our lives in Nov 2005 when we took out a together mortgage out and a £30,000 loan to run alongside. When we sold the house in 2008, our loan went up to nearly 10%....we pay on average £40 a month off our total balance...yup, in over 7 years we have paid less than £4000 off our balance - disgrace!!

Anyway, enough about that...i wrote to NRAM in December and lodged a complaint about the fact that my loan papers state i am covered by the CCA - I have had NO REPLY!

Today I rang them up - turns out they had not received my complaint even though i lodged it on their website...i think they probably just ignored it - but moral of the story is, dont wait for a reply - contact them and demand a reply!!

I have formally lodged the complaint now, after the lady tried continuously to fob me off saying i have no complaint because my loan is over £25,000. I had to spell it out to her - I BELIEVE I HAVE BEEN MISOLD THE LOAN. I AM NOT COVERED BY THE CCA AND NROCK TOLD ME I WAS!!!

So i have now a complaint lodged. She said there was no time frame on them contacting me, as they are very busy...so, every 2 weeks i shall be ringing them up - id suggest everyone else does the same, You need to be quite pointed and forceful with them. I got the impression they knew exactly what i was saying but were trying to hide behind the £25,000 loan excuse.

I shall also write to the FSA to lodge my complaint. We should all do the same to get this sorted! Grrr :mad:

shellyk6666

When I lodged my complaint the acknowledgement said they'd provide a full response within 8 weeks, I think most people received the same. Has anyones 8 week period run out yet? If so what has happened/have you chased yet?

Mine expires next week but I'm sure there were people who put their complaint in before me.

Chrisb80

I recieved a response to my complaint. Only to say that they were not able to provide a solution and that they needed more time, this was about 2 weeks ago or so but they did not put a timescale on the next reply. The website to me makes it very clear, we are not entitled to redress and that any further loan correspondence would not make reference to CCA loan protection. I am not due my next loan statement until December!!

I really don't know where we all go from here, apart from complain to the FOS?!

shellyk6666

How long are you prepared to give them to respond fully before going to the FOS? I got a 2nd holding letter similar to the one you describe, however I don't think I realised they were suggesting they were going to take longer than the 8wks initially suggested (doh!).

Has anyone spoken to the FOS to see what they think of it all?

And what about the option of pursuing the IFA? Has anyone explored this avenue?

I've got no idea how to proceed at this point.

Fizzy_Fish

The 8 wk period for my complaint to NRAM also runs out in about a week, and I still haven't heard anything from them (not that I'm particularly surprised!)

My next step will be to escalate to the Financial Ombudsman Service, and I'll share on here details when I do so. It seems appropriate to follow the formal channels, as the FOS may be able to resolve this, and this route would also involve least cost to us vs other options. If everyone who is affected does the same around the same time then it should draw more attention to the situation.

e.scrooge

Fizzy_Fish wrote: »

The 8 wk period for my complaint to NRAM also runs out in about a week, and I still haven't heard anything from them (not that I'm particularly surprised!)

My next step will be to escalate to the Financial Ombudsman Service, and I'll share on here details when I do so. It seems appropriate to follow the formal channels, as the FOS may be able to resolve this, and this route would also involve least cost to us vs other options. If everyone who is affected does the same around the same time then it should draw more attention to the situation.

Agreed. My 8 weeks expires around the end of the month and I will write to the Financial Ombudsman Service as soon as possible after this. I do believe we will ultimately be able to win this (fight) but it will take effort and resolve from us all - and possibly a legal challenge. I note from the survey that several people have not yet complained to NRAM - again as many people as possible making a formal complaint and then when it's not addressed to our satisfaction by NRAM (as I am certain it won't be) proceeding with a follow-up complaint to the Financial Ombudsman Service will increase our chances of being successful. At the end of the day it is about money but more than that its about what's right and what's clearly not. Northern Rock and now NRAM have behaved at best incompetently in setting up these loans and at worst have seriously and knowingly misled us. They should have the honesty to now do what's right and if they don't we should make sure they have to.

Macd97

Has anyone received any correspondence from NRAM admitting liability on together unsecured loans over 25k? I raised the issue with them last week (our unsecured part was 25,800back in June 2007 and i was told 'there is a marker on your account that we are going investigate' the girl i spoke to would not give me any answers and said she would raise a complaint. We all must complain re the together unsecured loans over 25k to gain momentum on this.....
NRAM's comments re the situation on the website are obviously trying to discourage complaints. It's not u to them to decide if we have been mis sold re the CCA protection we all thought we had. This is ultimately the decision of the ombudsman and the more of us who raise this the more chance we have of this being put right!

ginger_tom_3

From what I recall the first anyone knew about any of this NRAM !!!!-up (for people with loans under £25,000) was when the Chancellor announced it in the House of Commons. I'd be very surprised then if NRAM say anything to customers before any official announcement. Not to say people shouldn't be raising the issue as strongly as possible in the mean time.

I've still not had any reply to my first complaint so have sent a follow up.

amanda47

Firstly I apologies for being a bit thick . can I ask you Knowledgeable people if my DD should write a complaint letter on her unsecured loan. They are redressing the secured loan part so still waiting to hear about this they say she will hear within the next twelve weeks.

Her together Mortgage was taken out in May 2006 she went through a Independent Financial Adviser, I don't know if this would make a difference to whom to complain to or not.

She is paying interest only at the moment she's in negative equity.

If a complaint should be made can you advise us on what to write please, not very good at things like this.

much appreciate any help.

shellyk6666

amanda47 wrote: »

Firstly I apologies for being a bit thick . can I ask you Knowledgeable people if my DD should write a complaint letter on her unsecured loan. They are redressing the secured loan part so still waiting to hear about this they say she will hear within the next twelve weeks.

Her together Mortgage was taken out in May 2006 she went through a Independent Financial Adviser, I don't know if this would make a difference to whom to complain to or not.

She is paying interest only at the moment she's in negative equity.

If a complaint should be made can you advise us on what to write please, not very good at things like this.

much appreciate any help.

Hi,
Are you saying that NRAM have confirmed that your daughter will be getting redress on the secured element of her Together Mortgage? Or is that secured loan a different loan?

Do you know how much your daughter borrowed in the unsecured element of her Together mortgage and when she took it out? If it was before 2008 and was less than £25K I understand that it's quite possible she will be entitled to a refund of the interest paid between 2008 (when the CCA was amended to include specific information in statements) and the time when the info in the mortgage statements was corrected. If it was more than £25K, and the loan documentation/statements confirm the loan was protected by the CCA then NRAM are currently suggesting that she is not entitled to redress and that reference to the CCA protection was just an error. This is the position of most of the people on this thread, however, most do not agree that it was 'just an error' with no other implication. I think the loan was misrepresented as having CCA protection and that it, at least, should be treated by NRAM as if it does has that protection. If you're daughter is in this situation I would suggest she have a read of the rest of this thread as a few people have posted the content of the complaint they have written.

Hope that helps!