Northern rock loan over £25,000

ajm173

Received final response letter from NRAM and have now escalated our complaint to the FOS.

In our response from NRAM they have admitted fault for two fraudulent errors but are still not willing to compensate for their huge mistakes! - I wonder how many other errors are lurking in our paperwork!

from letter :

"The references to the Act in your contractual documentation were incorrect. We apologise for any uncertainty this may have caused."

"the statement you quote in your letter, which appears to require a court order before we can enforce the agreement where the requirements of the Act have not been complied with, was also incorrectly included in your contractual documentation"

Also:

"I note your comments in respect of updated documentation. There is no need for you to sign a new agreement. We are in the process of preparing revised post-contractual documentation and will send this to you as soon as possible"

"in the process of" - it has been nearly six months since this all came out surely they should have sorted this by now?

Also, legally are they able to just send us revised documents without requiring any signature from us, the customers? We had to sign the initial contract / legal document so surely any changes made would have to be agreed by us and therefore signed?

When filling out the FOS complaint form I used the following wording -

Please tell us what your complaint is about:
"We are escalating our complaint to the FOS for thefollowing reasons:

The original contract and subsequent communications significantly misrepresented the product that was sold to us. NRAM have admitted to at least two errors in our agreement (see highlighted parts on final response letter) therefore as customers, we have been victims of fraud as this product sold to us in 2007 included claims that were untrue and misleading.Definition of Fraud from the Oxford English Dictionary- “wrongful deception intended to result in financial gain”
Also stated in our response letter is that "there is noneed for you to sign a new agreement. We are in the process of preparing revised post-contractual documentation" surely if we entered into a contract in the first place that required our signature then any changes to this agreement would indeed, have to be first agreed to by us the customer and then signed?"

How do you want the business to put things right for you?:
"to afford us with the same financial redress currently being offered to those with loans of less than £25,000. This would mean that NRAM would be facing up to their responsibilities as a company,admitting and accepting their mistake and us the customers being provided with compensation for their errors"

I am not convinced we are going to get anywhere but it makes me so angry that a company as large as NRAM are not made accountable for their mistakes!

carlyberyl

Has anybody seen the latest adverts regarding companies offering to help if you've been mis-sold a mortgage? Not sure if they've been on before, am aware of the endowment ones but I've not seen this before. Perhaps they've got wind of this carry on?

djc77

Just a quick point. When the FOS ask me what I want the company to do I shall he asking for all previous payments to be allocated against the original £30k with no interest charged as I was misold the product. I will agree to clear the balance and therefore have no further contractual agreement with NRAM. Fingers crossed.

dvr80

Quick update for everyone that is currently awaiting FOS replies.

I've just had a call to say all cases received so far relating to 25k+ loans with CCA literature are now being grouped and are in a hold position within the FOS whilst "senior management, case reviewers and adjudicators" are deciding on the next course of action.

They confirmed they have received a substantial amount of complaints against NRAM for this issue and are hopeful they will be progressed within weeks rather than months because of the high profile nature of this problem.

The senior adjudicator currently overseeing the cases is a David Rogers.

Nothing else to add at this stage I'm afraid so this is probably just a delay tactic whilst the FOS seek further (legal?) advice?

lizards

That's good news in that it is being taken seriously. I'm still waiting for my final NRAM reply so I've not had a chance to progress it to the FOS.. sounds like I may not need to if they are already dealing with it.

Hope we get to hear something soon!

wraydavid

Hi, Im in the same boat with a 25k+ loan and CCA should i be making a claim to NRAM as well or just wait for the FOS decision?

lennonc1

Get your complaint in ASAP and then send to fos as they will not uphold it, the more to go to the fos the better, nram are charged £500 odd for every complaint sent to fos. They will have a large bill!!

wraydavid

Great, ill get it in the post tonight!

lennonc1

FOS update -

Senior adjudicator called to let me know things were moving fast as there has been so many complaints, some will be grouped together as the outcome will be the same, all complaints with nram will be looked at in their own merit then passed to a team particular to the complaints. He wanted to give me his number as no time for letters etc.
As far as i am aware mine is being looked at individually and if moved to a 'group' he will be in touch!
I'm not too sure if things moving as fast is a good or bad thing!
As soon as I have more info I'll be back!!

Oh I have under 25k loan that has been redressed to my loan, I a asking for payment to be make back into my bank account where the money was illegally taken from,.

Panda666uk

Morning, is there a standard letter on here I can send to NRAM ?.

“”On my Fixed Sum agreement regulated by the CCA 1972 Form from when I got the loan with the below on it

IMPORTANT - READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS. The Consumer credit act 1974 etc

Then has a box below it with This is a credit agreement regulated by the consumer credit act 1974. Sign it only if you want to be bound by it's terms.

(Unsecured loan taken out on the 9th Nov 2006 for £25,000 over 10 years.)””