Northern rock loan over £25,000

Fizzy_Fish

Am very disappointed with the FOS on this, especially since we are now left even more in the dark about what our contracts actually are. The FOS say that our agreements 'shared some of the features of a regulated loan' - well it would be nice if someone actually clarified what these are, as I though it shared all of the features of a reluated loan!! That's certainly what my paperwork says, and to date neither the FOS or NRAM have given any clarification otherwise.

And does this decision by a govt body mean that anyone can claim things to be regulated when they're not and it doesn't matter?? Hmmm...

st99015207 wrote: »

Our company solicitor thinks this is a case of misrepresentation (not mis-selling) and he thinks it stands a chance in court, but also warned about the amount of firepower NRAM would use in a test case.

That's my concern with trying to take them to court ourselves.

There have been several law firms who seem to think we have a chance (e.g. Scott Robert, from the BBC article in December http://www.bbc.co.uk/news/business-20754265 ), but a bank is not going to take this sort of action lying down!

Would be great if someone would take it on a no win no fee basis, but not sure how appealing it is given the potential work/risk. I'd happily give up a chunk of any money owed to me by NRAM, and with the number of us involved and potential redress each, perhaps that would make our case worth taking up?

Difficult for me to pursue this given that I am now living overseas. Will certainly challenge the FOS further, and keep an eye on this thread though.

dodge1979

All those who have had replys from the fos , did you send in a copy of the agreement and offer of loan with your complaint?

st99015207

Yes I did send it

dodge1979 wrote: »

All those who have had replys from the fos , did you send in a copy of the agreement and offer of loan with your complaint?

lennonc1

Hi there no I didn't, I'd wrote to nram with cca request and they sent original agreement.

I am going to call fos and say I dont agree with decision and see what happens

Chrisb80

dodge1979 wrote: »

All those who have had replys from the fos , did you send in a copy of the agreement and offer of loan with your complaint?

Yes, sent in everything. Make sure you include the final response letter from NRAM too as otherwise the FOS will not investigate. Although likely that you will get the same response back as everyone else. If it were me, I would focus on the other points raised, not just that you want redress.

I'm going to formulate my response to the FOS this evening having given it some thought over the weekend. I'm still astonished that the FOS have failed to even acknowledge the other 4/5 points in my complaint so I will be going back on this basis. How can I accept their decision when they have failed to respond to or investigate my complaint fully, not to mention the assumptions they are making about my decision process when I took out the loan.

downhiller

What would be handy is a side by side comparison of the differences between a regulated and unregulated loan

Chrisb80

lennonc1 wrote: »

Hi there no I didn't, I'd wrote to nram with cca request and they sent original agreement.

I am going to call fos and say I dont agree with decision and see what happens

lennonc1 - Have you managed to speak to the FOS?

Has anyone else on this thread had any different FOS response by any chance?

lennonc1

Everyone who has had letter from fos about nram have been rejected! They will not uphold any complaint!! Conspiracy anyone? I will get a petition ready for us all to sign somehow, and get this to oft, fos and complain as a group then we will have to be heard! Anyone work in the media here, we will need recruits! If you have any area of expertise lets hear it!!!

Chrisb80

Sounds like media exposure could be the way forward!! Or perhaps contacting the chap who was quoted in the BBC article.

I have just spent the last 3 hours putting together my response to the FOS and aim to have it off by the weekend. There are many other valid points that need addressing and they must make thier position clear if I/we are to progress legally or otherwise.

For me it's not about the money, more about doing what's right and not letting NRAM get away with massive mistakes with no repercussions. It suprisses me that the FOS have not made a negative comment about NRAM or the way the conducted themselves in the entire response! This doesn't seem right?!

bennyboy657

Hi everyone, i have been reading this thread with great interest (no pun intended) over the last few months. I am also in the same situation with a 25k+ loan. Well done to everyone who has been working hard to gain recompense for NR's failings, i certainly appreciate, and have been following those efforts closely.

However i have a question that is fundamental to the argument, and am finding an answer impossible... So what does a CCA regulated loan give that a un-regulated loan does not?

This seems key to me, and i completely agree with mthomas1986 post 436 that comparing this argument with that of those that got their interest repaid is irrelevant.

For me, i find it incredulous that two parties can agree the terms of a contract, and one party can go ahead and change the terms because they made a mistake. I would like to change the terms of my contract so that my interest rate does not get hiked when i change my product- i made a mistake in signing it- will NR accept that as an acceptable reason to rescind the clause? Of course not.

So rant over- what does CCA give Vs not having a CCA loan? I believe there must be some course of action but not convinced getting the interest repaid is it.