Northern rock loan over £25,000

Bignosher13

In light of the lengthy time the FOS take to respond and the obvious answer after 8 weeks from NRAM is it worth sending an FOS complaint before the NRAM deadline?

Fizzy_Fish

Bignosher13 wrote: »

In light of the lengthy time the FOS take to respond and the obvious answer after 8 weeks from NRAM is it worth sending an FOS complaint before the NRAM deadline?

I don't think you can speed this up I'm afraid - The FOS won't look at your complaint until NRAM have either given their final response, or 8 wks have elapsed from the original date of your complaint.

Dr_Jud

Hi, just like quite a few on here, been following the posts with interest and now that my 8 week wait is over for NRAM to get back to me with any further info, I am off to the FOS.
NRAM did not send me any other replies other than their first of "we don't know what is going on we will get back in 8 weeks"

I have written up my FOS report, copied documents etc and am posting off this afternoon.

I will now play the waiting game like the rest of you.

monkey_trousers

Hi i have recieved a letter today from them saying they owe me £xxx and have reduced my balance to that effect. The letter also says that you can not have the cash only your loan reduced surely we should be able to have the money. Has anyone challenged this and if so how ? i got under £25K by the way

bigbadwolf500

monkey_trousers wrote: »

Hi i have recieved a letter today from them saying they owe me £xxx and have reduced my balance to that effect. The letter also says that you can not have the cash only your loan reduced surely we should be able to have the money. Has anyone challenged this and if so how ?

Is your loan over £25K?

Bignosher13

Fizzy_Fish wrote: »

I don't think you can speed this up I'm afraid - The FOS won't look at your complaint until NRAM have either given their final response, or 8 wks have elapsed from the original date of your complaint.

Hi Fizzy Fish - Just me being impatient I suppose, but obviously deadlines are there for a reason. The fact that NRAM haven't the courtesy to reply after the 8 weeks highlights to me they are trying to brush this under the carpet.

As queried in my earlier post, if there are 150,000+ of us above the £25k threshold and these contracts are in breach then that is a serious liability with interest on top.

monkey_trousers

no just under £25K

tinystar2001

monkey_trousers wrote: »

no just under £25K

Can you remember what your loan offer was for? I took out less than £25k, but was offered £30k, and haven't heard anything from NR yet, so I'm assuming they are holding us in the over £25k group. I have submitted a complaint but only just, so not had a reply yet. Had you previously heard anything from them? Their communication is shocking!

shellyk6666

I've just completed my complaint form to the FOS (using the wording already quoted on this thread - thanks guys!) and gave them a call to obtain a reference number. He told me to enclose my complaint along with the final response from NRAM.

This morning I had to re-request copies of my original loan agreement from NRAM as after 3 weeks they still hadn't arrived, however, the bloke on the phone from FOS confirmed they I don't really need to enclose this as they will write to NRAM and ask for a copy of everything anyway.

I also asked NRAM to clarify what they intend to do about the fact that all my documents state that my loan is covered by CCA when clearly it is not. She agreed to raise it and I should receive a separate response. If they suggest they will reissue my loan agreement I am certainly not going to sign it!

IainHL

Fizzy_Fish wrote: »

It's been over 8 wks since my initial complaint to NRAM, and all I've had back to date is the same holding response that others have received. I've therefore now drafted up my complaint to the FOS on their form, in case this is of help to others - see below. I'll be posting this off in the next few days.
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Many thanks to Fizzy Fish for this excellent detailed statement of the issue. I will be using it as the basis for my complaint to NRAM that I am just about to write. I will however use the term misrepresented rather than missold.

BritAbroad wrote: »

I'm interested in the under/over scenario too. I took a Together Mortgage in 2004, borrowing less than £20k as the unsecured part. When I remortgaged a few years later, I increased the unsecured loan to about £28k to cover works we were doing to the house. I've spoken to NR twice so far and they seem very unsure of what happens in this scenario.
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I'm in a similar position to BritAbroad. The initial Together Mortgage was taken in June 2006 for ~£90k secured, ~£24k unsecured. This was then rewritten in October 2006 to a Together Mortgage for ~£92k secured, ~£27k unsecured. My memory tells me that this was folowing an approach from Northern Rock to myself (specifically from their Mortgage Review Team). It is interesting to note that NRAM seem unsure what happens in this scenario (though from comments on this and the other NRAM thread it seems some of the advisors are woefully underbriefed on this whole matter).

A question, is there anyone with a £25k+ unsecured loan, who has not first contacted NRAM, received any communication from them? So far I have not.

Anyway my formal complaint will be going off in the post tomorrow, to start the 8 week clock ticking.