Northern rock loan over £25,000

djc77

I am so impatient I am only three weeks into 8 week mandatory wait. I can't help but think that maybe a politician may take interest and relate this to the "fair society” we are supposed to be building. I keep saying it over and over. You sell it as regulated and it's not. How can the FSA not act. Even if they freeze the interest it, they have to act ethically and within the law. I stress there has to be a class action if this doesn't get resolved.

markeymark

Just stumbled across this thread, I have a together mortgage also, along side the initial mortgage I have taken several secured loans and one unsecured loan. I've had a couple of letters from them, last one was in January where they said they were deciding what to do. I've not got my original paperwork, should I just sit back and wait for them to contact me or do I have to do anything? Sorry I'm not clued up on these things

Keith

Evenfields wrote: »

As I understand it, ALL loans above 25k that Northern Rock agreed to lend customers would be in question as they were taken over in February 2008 and the rules changed soon after on 6th April 2008 to encompass loans above 25k.

Northern Rock stopped writing these loans as the new owners pulled the Together products pretty sharpish after their takeover in Feb 2008. There will be some overlap because of loans agreed but not completed by the time they went into state ownership, but only a few.

That means that they potentially, could ALL be wrong.

Another thought with regard to any Secured Loans over 25k that they wrote is that often the part of the loan to create the Deed to secure the loan is also contained on the same agreement by lenders. Has anyone on here got a Secured loan and over 25k? Look at your paperwork because if that's the case, then that to me and it's imho only, that would give even more weight to the unenforceable argument.

To me that would surely invalidate the Deed which is what secures the loan to the property, as it would be contained as part of an agreement which contains a mistake. i.e. unregulated loan on regulated agreement.

I had a loan with another lender which was Secured (although just on the 25k mark) pre 2008 and written on CCA paperwork and the Deed was contained in a little box on the agreement. Just a thought.

Does anyone know just how many loans were written by Northern Rock over the 25k? Could it be even more than the 152,000 they are coughing up for? I believe it's going to be a whole lot more as the product was designed to be up to 30K.

At some point, someone from NRAM or the Treasury is going to have to address this!

It's not going to go away, the problem is just going to get bigger and so is the bill along with the political emabarrassment :eek: for those who can't say they didn't know about it all.

I'm not sure if I agree, if a contract term is incorrect or invalid, can't it be removed by application to Court?

djc77

I don't see how a court can simply remove a clause. Surely that makes any contract worthless as you could have the issuer do this on a whim. The court can decide lots but surely not that a contract can just be changed.

NikkeiPositivity

Markt2, to which post are you referring? I have every intention of paying my loan off it is money I borrowed and I will repay it, to that I have no argument. However the argument for the majority of people that have posted in this thread, is that Northern Rock and subsequently NRAM have 'sold' them a loan under the guise of being regulated, when in fact it is not regulated at all and therefore the protections in place for the consumers do not actually exist. NRAM can do whatever they choose to my loan and there is nothing I can do about it, would that not make you angry? Further to this Northern Rock created these agreements and were aware years ago that these agreements mislead applicants and quoted on the contracts that these loans were CCA regulated, why did NRAM at that point not notify its customers it was aware there was an issue with its contract and work with its customers to resolve the issue then? Instead it continued to send out statements that continued to mislead it's customers for another 3 years and to this date NRAM have not contacted me to advise my loan is not covered.

Oh and regarding your dole comment, I have lost my job twice and I have not once claimed dole, I have not once missed a repayment for anything I have borrowed and I have never made such a judgemental comment as you have above when I assume you haven't even read all of the posts on this thread.

_Andy_

"You took the loan out, and it's your responsibility to pay it" - sadly an 'old school' concept on this forum

djc77

Evening Markt2. It's nice to see such a measured response. It's the states money is it. Presume you haven't taken anything from the state. What a childish response. If like me you have paid the loan back twice over thanks to their ludicrous interest policy then if given the chance I will gladly take the opportunity. Just finished watching the rugby sponsored by RBS (state owned). Perhaps they could end that deal to pay us. Ps if you need any ppi reclaiming tips sure there are lots who can help. Can't help wondering why you would even look at this forum!

gwc1980

markt2 wrote: »

Just pay your loan like everyone else and stop trying to steal states money. You took the loan out, and it's your responsibility to pay it. Can't get my breathe with some people, you're as bad as all of those who sponge off the dole!

This is a forum for people who feel they have been mistreated by northern rock.
If you haven't please refrain from leaving pointless and childish comments on a subject that doesn't concern you.
If there wasn't a case to answer then northern rock (the state) wouldn't be automatically refunding 157k customers!!!

bigadaj

gwc1980 wrote: »

This is a forum for people who feel they have been mistreated by northern rock.
If you haven't please refrain from leaving pointless and childish comments on a subject that doesn't concern you.
If there wasn't a case to answer then northern rock (the state) wouldn't be automatically refunding 157k customers!!!

It's an open forum, anyone can post and leave thoughts within reason.

If you're that sensitive then you might be better setting up a Facebook group or similar, in which case you would have cause for omplaint at any adverse comment.

NorthernRockVictim

To be on this forum you must have a reason, but according to your posting you are man of purity with perfect ethics. Me thinks not, you are either an NRAM employee, Director or may be even just a sad person who looks to defame others online purely for your weird enjoyment. GO AWAY and come back when you are able to talk some sense!