Northern rock loan over £25,000

amanda47

Thank you Shellyk6666 My DD had a together mortgage with NR she had a Mortgage for £22,000 then a Loan for £6,000. sorry I think I'm confusing myself. Will have a good read of the previous post's. Yes she has received a letter so will see what happens.

Chrisb80

I decided to put a call into the FOS to ensure that im following the correct procedure etc and got through to a very helpful lady. I explained that I had formally complained to NRAM (I didn't go into massive amounts of detail) and that although they had responded, they were unable to resolve my complaint or give me a timescale as to when I would. The FOS made it very clear that they would NOT look into my situation until I had given them 8 weeks to respond (which we knew) and said that I would be entitled to take matters up with them if I was not satisfied with the outcome/lack of response.

Now, the only thing I'm not sure of is when the 8 weeks started as I wrote to them when the whole situation kicked off (17th Dec?) and the followed up with a formal complaint a few days later. I think I will wait another week or so before contacting the FOS formally. I did mention that there are likely to be a few of us complaint about the same thing and she said that every case would be looked at on its own merits, which I guess is a standard response.

I think that if we take this to the FOS we should all complain at roughly the same time, what does everyone think? I'm not sure that if we leave this NRAM will be too proactive in resolving....

downhiller

I put my formal complaint to NRAM on the 19th of December.

Tomorrow will be 8 weeks since that point. I'm not expecting to hear anything from NRAM by then so my complaint will be going to the FOS by the end of this week.

claret_mike

I have had my final response today. Basically is states what is on the official website... your loan is over 25k so you are not covered and that is our final response.

Looks like FOS complaint to be made now..

goldendoodlenut

Hullo everyone,

This is my first time joining a forum, and have only done so because of my interest in the NRAM over £25,000 loan situation, which I myself are in. My husband and I took out a together mortgage with an unsecured element attached for over £25,000. After reading many threads on the current situation with this, I have frantically searched for paperwork but have been unable to find any. All I have come across is a mortgage statement, and it too says regulated by the CCA but not 1974 as many threads have said but 2008.
Not knowledgeable enough to know if this makes any difference to my complaining to NRAM. Any advice would be appreciated.

Chrisb80

claret_mike wrote: »

I have had my final response today. Basically is states what is on the official website... your loan is over 25k so you are not covered and that is our final response.

Looks like FOS complaint to be made now..

I have had exactly the same thing this morning too. Will be putting everything in writing to the FOS over the next few days.

DarenFairh

goldendoodlenut wrote: »

Hullo everyone,

This is my first time joining a forum, and have only done so because of my interest in the NRAM over £25,000 loan situation, which I myself are in. My husband and I took out a together mortgage with an unsecured element attached for over £25,000. After reading many threads on the current situation with this, I have frantically searched for paperwork but have been unable to find any. All I have come across is a mortgage statement, and it too says regulated by the CCA but not 1974 as many threads have said but 2008.
Not knowledgeable enough to know if this makes any difference to my complaining to NRAM. Any advice would be appreciated.

If you get in touch with NRAM via letter stating you are writing to them wanting a subject access request and request that you require a copy of the original loan document along with all transactions on the account then they are obliged to send this to you.

I have copied a letter from earlier on in this thread which would probably have the desired effect:

Dear Sir/ Madam,

My account details are as follows:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With regards to the recently announced issues concerning non-compliant paperwork on CCA regulated loans issued by Northern Rock, we have an unsecured loan as part of a Together Mortgage. The original unsecured loan amount was for £30,000. The loan papers stated this loan was regulated and covered by the CCA. The loan agreement we signed stated the loan was covered by the CCA and we only signed on the basis that the loan was regulated and covered by the CCA. The start date of the loan was XXXXX. All subsequent statements received stated this loan was covered by the CCA.

Based on the latest communications on your website regarding this CCA issue, you are stating:

"In the case of loans taken out before 6 April 2008, the CCA regulations only apply where the amount we agreed to lend you (the amount of credit) was £25,000 or less.
With your loan, the amount we agreed to lend you exceeded £25,000, therefore your loan is not regulated under the CCA.
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.

We will be writing to all customers with loans of more than £25,000 to explain the situation and to provide updated documentation."

So you are now stating that despite our paperwork stating the loan was regulated under the CCA, that is not the case and you "apologise for any uncertainty". This is not acceptable and I wish to lodge a formal complaint based on the following:
The original loan paperwork was misleading as were subsequent loan statements, all of which indicated the loan was regulated under the CCA

NRAM is in breach of contract by failing to fulfil the obligations surrounding the CCA regulations, as was promised in the loan contract

We are suffering a financial loss as a result of this breach of contract as we are not being afforded the same protection as those with sub £25,000 loans, and we will not be receiving financial redress for interest accrued during the time the paperwork was non-compliant

I believe we were mis-sold the loan due to fraudulent and mis-leading paperwork

As a matter of due process I am registering this complaint with NRAM in the first instance. You have seven days in which to provide a satisfactory response. If a satisfactory response is not received in that time, the complaint will be escalated to the Financial Ombudsman for resolution and legal action may be taken.

I look forward to your prompt response.

Kind regards

Hope that all helps you get the information you are after

shellyk6666

claret_mike wrote: »

I have had my final response today. Basically is states what is on the official website... your loan is over 25k so you are not covered and that is our final response.

Looks like FOS complaint to be made now..

I'm disappointed but not really surprised by their response. My 8 weeks runs out today but I'll give them another week so that I have the final response to refer to the FOS. I'll let you know as soon as I receive it and will aim to refer the matter on to the FOS within a few days of receipt. I agree that if we can all refer to the FOS at roughly the same time we might have more of an impact?? Looks like we need to batten down the hatches and prepare for the long haul!

claret_mike

I am considering writing to the FSA also as they have breached 2-3 of their 11 principals for business. However, I doubt they will do much considering shortly it will change to FCA.

Very disappointed also with their response. I will be putting my form together at the weekend and sending off.

As far as I can see NR breached 2, 6 & 7 and that is what my complaint is about..

http://fsahandbook.info/FSA/html/handbook/PRIN/2/1

They have not treated us fairly because they have not provided us with clear information that was not mis-leading.

Anyway look forward to a 6 + month wait with the Ombudsman.

shellyk6666

If anyone is decent at wording complaints it might be useful for others if they would be kind enough to post the wording they use to the FOS?? The more people that complain the better as far as I'm concerned, and the easier we can make it the more people might go for it. Plus, one person might raise something another hadn't thought of including (like the 11 principles for business - thanks Claret_mike).