bigbadwolf500 wrote: »
I my financial advisor had explained that the loan was unregulated, I would have wanted more information on this.
Being unregulated - does this mean Northern Rock can do what they like? Change interest rates when they like? Not send out statements? Demand more money?
GhIFA wrote: »
Did people ask questions at the time about regulation, protection etc - It works both ways?. I use the services of other professionals/advisers for areas that I'm not qualified in - However, I also do my own research, know what my rights as a consumer are etc before entering into any agreement with them. I find it strange that people don't do the same in cases like this, particularly where large sums of money are involved.
As I said earlier, NR may well have made an error here, potentially a big one, and if they have they will have to make it right.
The point I am trying to make is that there are a good number of people here chancing their arm, claiming they were mis-sold off the back of comments they have heard the last few days. If these issues had been so important to them they would have explored them at the time, but they didn't and now at the whiff of some money (when they have not suffered any loss through this issue) suddenly cry foul play, which everyone has to pay for - It's a little distasteful if I'm honest.
ger_ryan22 wrote: »
We got our letter yesterday so it's some good news for us as we took out a Together Mortgage in Oct 2007 and at least this little sum will go towards getting that loan down. Every little helps I suppose. Just gutted that we rushed into getting the house as it was only a couple of weeks later that the whole NR bust went public. We're in a manageable mortgage payment wise, just, but I'm not sure how long it will take to actually break even on it with regards to the house value. Zoopla's estimate is frightening
buccaneerboy wrote: »
"Did people ask questions at the time about regulation, protection etc - It works both ways?"
Why would they need to ask questions their paper work clearly states regulated by the CCA?
"The point I am trying to make is that there are a good number of people here chancing their arm, claiming they were mis-sold off the back of comments they have heard the last few days. If these issues had been so important to them they would have explored them at the time,"
Until the last few days people were under the impression their loans were regulated. It is the current situation that has highlighted the fact that perhaps they are not. I dont think it's unreasonable to ask what this actually means for people with loans over 25k supposedly regulated. Why are people chancing their arms? If you had a loan with the exact same terms as someone else and they were being an offered a refund and you not would you not question why?
Fizzy_Fish wrote: »
I've gone through all of the paperwork (original agreement was in 2004), and the consistent message is that the unsecured loan is CCA regulated, with nothing specifying to the contrary:Original credit agreement heading 'Credit agreement regulated by the CCA 1974'
Credit agreement signature box 'This is a credit agreement regulated by the CCA 1974. Sign it only if you want to be bound by its terms'
On back of initial agreement 'Your rights - The CCA covers this agreement and lays down certain requirements for your protection which must be satisfied when the agreement is made. If they are not, we cannot enforce the agreement against you without a court order. The Act also gives you a number of rights. You have the right to settle this agreement at any time by giving notice in writing and paying off all amounts payable under the agreement.'
Letter from NR in 2009 'The new CCA 2006 requires us to provide a statement to each customer party to the mortgage. We will now provide you with duplicate copies of your statement in the same envelope' (i.e. NR continue to believe themselves that they lent to us in a way that is bound by this legislation!)
jimbo5661 wrote: »
My loan was originally £26,400 in 2004, however by 2008 the outstanding was around £23k... Does this matter or is it just dependant on the original sum borrowed?
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