Northern rock loan over £25,000

djc77

Hi update for anyone interested. I spoke today with my adjudicator at the FOS. He said that NRAM have misrepresented by nature of loans could not be covered by CCA. However he believes my decision would not have been different if I knew it wasn't covered. I ahev appealed stating that I could have seeked funds from another organisation etc, borrowed form parents. Also said that we have most of the protection but I have argued not all protection and as loan has 17 years to run who is to say that I won't need that protection that I thought I had that I actually hadn't. Surely mireprentation is misrepresentation!

IainHL

So has anybody with an unsecured Together Loan greater than £25k yet received a letter/new documentation from NRAM, as per their website?
http://northernrock-am-stg.metafaq.com/help/general/CCAstatements

We are aware that some customers with loans of more than £25,000 have been sent documentation in the past that contained references to the CCA.

If this applies to you, we apologise for any uncertainty this may have caused.

We will be writing to all customers with loans of more than £25,000 to explain the situation and to provide updated documentation.

Or have NRAM maybe thought better of it realising that it would only stir up the hornet's nest?

meadhope

I have not received anything (£27k loan in 2007). I still think it is a case of the contract not being a valid one as their were fundamental errors. I see that unsecured nram loans are being sold to One savings bank and Marlin Financial group. I expect the solicitors of these financial institutions would have been all over the uncertainties of these loans and if they do purchase them they will be paying a very small percentage of the original loan. Why dont we all just refuse to pay the thing and let them do all the legal running around, quite difficult against lots of people.If they could not prove it was a valid contract then everything we paid would be against the original loan , with no interest, all that would be due would be any balance. And poss scupper their deal in the process.

djc77

Evening, just a little note to say I don't know if anyone has seen an articcle from March 2013. It is from their chief exec talking through their half year figures. He states that they have made a provision for customers with loans over 25000 as they feel they could be challenged in court.

http://www.credittoday.co.uk/article/15004/online-news/ukar-posts-results-for-2012

IainHL

meadhope wrote: »

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And poss scupper their deal in the process.

Unfortunately meadhope the unsecured loans they are selling are the separate standalone unsecured loans NR used to offer, and have nothing to do with the unsecured loans that form part of the Together mortgage product.

PHANT0M

IainHL wrote: »

So has anybody with an unsecured Together Loan greater than £25k yet received a letter/new documentation from NRAM, as per their website?


Or have NRAM maybe thought better of it realising that it would only stir up the hornet's nest?

This is the letter I recently received from them....

Our review of customer communications covers all loans up to £25,000 which are CCA regulated, from 1 October 2009, that were taken out with the former Northern Rock plc, or NRAM, at any time - including those which have now finished or moved elsewhere.
After reviewing your mortgage loan, we don't believe you are impacted by the recent announcement.
The reason for this is due to the loan amount exceeding £25,000.
As a result of the above your account is not affected.

NOTE: They have said 'we don't believe you are impacted', which to me means that they still aren't sure!

SueBroo

we have a together mortgage the loan bit was 22k I think? We got a letter saying they made a mistake in some paperwork a while back and they refunded interest taken as a result but I cant believe this loan is really enforcable as it's not a fair agreement, I KNOW we signed it, but if we take the mortgage away from NR the loan shoots up to 8.9% above base rate so we are stuck with them! I'm sure a credit agreement has to be 'fair' on both parts or something? Theres got to be some loop hole with this or am I barking up the wrong tree?

NorthernRockVictim

.....But the controlling body is the government which is also the owner. It's a kangaroo court but we voted them to this position of power.

saveupthesmiles

Ours has now been referred to an ombudsman so I'm just waiting for it to be knocked back. I didn't ask for that to happen yet but I guess the person i was dealing with at FOS realised we would probably never agree so referred it on for final decision. I'm now totally disillusioned with how the governing bodies work in this country; I want to pay my loan back but I expect my loan provider to stick to the contract, and for my IFA or lawyer to have picked up on these key aspects. I feel almost ready to give up, can't wait to sell my house and get rid of this loan (need to get it up for sale first though ha ha ha).

Bignosher13

Hi all, I tweeted this guy on twitter today with a link to this forum, he sounds sympathetic to our situation:
@Mortgage_Stu: Before @George_Osborne splits up RBS, he should ask how NRAM clients feel about being left hanging on an SVR they can't change from.

@Mortgage_Stu: @Carlabela1 well sooner or later it will get some press coverage, so hopefully some form of alternative will be offered to those people.

His name is Stuart Gregory, a mortgage pro and industry commentator on radio 5. I tweeted this and included a link to this forum:

@Bignosher09: @Mortgage_Stu particuarly frustrating to those who borrowed 25k plus unsecured element covered by the cca '74 or not?