Northern rock loan over £25,000

oscar2010

Hi,

I have an unsecured loan of £22k, I have contacted NRAM and they have confirmed I was effected by this.

I have moved address temporarily and have not seen the letter sent out, do I need to reply to NRAM formally to receive the interest paid or do i need to sit tight and wait for these adjustments to be made automatically to my outstanding balance.

I would greatly appreciate any advice on this, As I am concerned if I don't do anything I will not got what is owed to me.

Thanks

Fizzy_Fish

tinystar2001 wrote: »

I also have this issue. We were offered £30000 but only took out £22000. I previously asked the same question but nobody seems to know. I was waiting for the letter from NRAM before acting, but as yet have not received any correspondence from them, so will soon be writing to ask them the same question. Would be good to know if you hear anything though.

I don't know the answer, but would suggest that you take this up with NRAM. If you lodge it as a complaint rather than a regular query, it means that NRAM need to respond within 8 wks, and you can then escalate to the FOS later if necessary.

Lippyx

I thought the CCA "misprint" only affected people who had a loan over 25k as it states in their T&C's for loans 25k or less?

Now I am confused! I have emailed Nram, no reply yet and I have not got a letter about it either??

Fizzy_Fish

I' e jut been thinking about some of the early posts in this thread discussing what constitutes a variation to the original loan.

Like many others, we eventually remortgaged and ended up paying a higher interest rate on the unsecured loan. This change in rate might be considered a variation, so it's probably worth mentioning/including relevant documentation when submitting complaints to the FOS.

Can't hurt to throw everything possible at this!

Limbrick

I've just come across this thread and both myself and partner are also in the same situation - July 2006 we took £28000 loan and I have all documentation clearly stating it's regulated by CCA1974.
Emailing my complaint now - I'm sure the more complaints they receive they will have to do something about it.

djc77

Firstly a message to GhIFA (might be slightly wrong). I am not an IFA but I do know that the CCA is there to protect people. Did I know of the £2k limit, no I didn't. Did I question why a slick IFA said I should get a lesser mortgage and higher unsecured loan (£30k)rather than around £13k, no I didn't. Did NR care two hoots when my unsecured loan shot through the roof when they couldn't offer a new deal, no they didn't.

If an adviser went around selling products as protected under government legislation when they were in fact not, they would be struck off. The fact this is comong out of the tax payers money is no-ones fault but the governements. Most people probably tokk out PPI wanting it but when you haven't used it for five years then hey, you may as well claim for it back.

I have had a £30k loan with Norhtern Rock for 7 years which has hardly dropped. 4 and a half years interest back yes please, or NR stating they blantantly hooked people in stating we were proptected when we weren't and compensating accordingly. Either way I will do my best to make it happen.

lennonc1

I have 19k unsecured loan and am affected by this, I will be due redress but don't want this as I don't want the terms to alter. I would like the choice of either cheque or redress!
I have an appointment with my lawyer today to discuss this, I have a list of questions to ask!! I will also ask the legality of your loans over 25k and post my findings to you later today

NikkeiPositivity

Hi Lennonc1

Please can you clarify what you mean by 'I don't want the terms to change'

Hope you got the answers you wanted to hear today!

Many Thanks
Nikkei

Mthomas1986

The feedback on the NRAM website is pretty much irrelevant, they are only referring to loans sold under £25k, where wording in statements is incorrect.
The over £25k loans is by far worse, we have all signed contracts where it stipulates our loans are protected under the CCA 1974, when actually they are not. To be honest I'm not looking to get a windfall from this, it would be fine if they would just freeze the interest on the unsecured loan element, and keep the term the same. Then allow us to move our mortgage else where, without the interest rate hike on the unsecured loan. At the end of the day I thought the priority for UKAR was to recover the debt, so why not just recover the debt without the interest, or even apply a minimal interest rate to cover administration.

lennonc1

Yes you all have a bigger problem I know that! The lawyer said that it would be unenforcable if it is not protected and should challenge them!

Some customers have had redress applied already without their agreement, I will check my account today, if this has been done I will not be happy, some customer have said £??? Has came off loan and term reduced by a few years! That's what I mean about terms changing! That is not what I agreed and signed in the first place, I will still try to claim redress to be paid in cash! Will see how it goes!