Northern rock loan over £25,000

theforumking

its a big loan

stephenirv

I have just come across this thread and I'm amazed at how many people are in a similar situation as me.!In 2006, my wife and I bought our first house. It needed a lot of work doing to it, so we borrowed £158'000 (130'000!mortgage!& 28'000 loan) from!Northern Rock. I have been on the SVR for the past 4 years, unable to switch mortgages due to the LTV and hike in!interest!rate if you split the!mortgage!and loan.

I have just read through a letter sent on 31/07/13 from NRAM regarding a redemption statement.

It states 'A Consumer Credit Agreement covers your unsecured loan and as part of the agreement a new interest rate will apply from the redemption date of your secured loan'.

I'm still trying to understand where I stand with NRAM and the CCA. I have just spoken to NRAM and unfortunately they were unable to answer my questions,
however they did say that in my notes, I may have been affected by the current
issues.

They are putting my case forward to get investigated and will reply within 28 days with clarification.

Lippyx

Sorry to drag this up again.

I got in contact with the FOS and to be honest, they were useless!
They basically said, that even if my solicitor (who should have picked up on the CCA issue) had mentioned to me that I wouldn't have been covered if the loan was over £25k, I probably would have still signed the agreement, and taken the money!

Maybe I would, but then maybe I wouldn't!! And has anyone started looking into suing their solicitor for not picking up on this issue in the first place? I mean, surely they have some sort of responsibility, as it is them we pay, to look and check the contract before we sign, is it not?

bigbadwolf500

Spoke to customer relations today about the 0.25% loyalty discount. Told I wasn't getting it as I'm already on a 'special rate' 0.01% under the SVR. Thanks!!!!!!!
Started ranting about the CCA and over 25K loans and was told that NRAM were "still looking in to the over 25K loans"
Can't see it going anywhere until taken to court

IainHL

Still looking into them! It's been nearly a year now, how long do they need?

Dave-80

I have a nram loan over £25k taken out in 2007 which was part of the together mortgage. I subsequently had an amendment to my contract in mid 2008 due to a separation and new credit checks carried out. Then sold my house and paid off the main mortgage part but still have the unsecured loan over £25k. All paper work from 2007 and then 2008 and 2011 all state my unsecured loan is a CCA loan.
Reading the CCA below:
An unregulated agreement can become regulated because of a variation made to it. This can happen when the parties make a further agreement which varies or supplements the earlier one. In such a case, the Act regards the earlier agreement as having been revoked and replaced by a new agreement which incorporates the terms of the earlier agreement. This new agreement may be regulated under the Act even if the previous agreement was unregulated.

Based on the above i have contacted NRAM and said that due to a variation on my original loan after april 2008 from my original loan amount in 2007 my over £25k loan does now fall into a cca compliant loan. Nram have now passed the case direct to their legal team to review and respond as this was a different argument to the standard response they have been getting. As soon as i get a response i will update further.

saveupthesmiles

Has anyone had a final decision from an ombudsman at the FOS? I don't mean the person that originally deals with the complaint - the one who it's passed to after you don't accept their decision. I initially applied to the FOS at the end of March and dealt with someone (not an ombudsman) right up until September last year when he told me it was clear we were not going to agree and that the final step was to refer to an ombudsman. I've been waiting on an answer since then and had expected to hear that they weren't upholding my complaint quite quickly, if that's what they've already told others. I'm just wondering how long that took, and if anyone has actually had that final decision?

saveupthesmiles

Amazing coincidence. I've just heard that my FOS complaint has been allocated to an ombudsman today. No timescales for review though. Just waiting for that knockback now.

saveupthesmiles

Final decision from ombudsman - not upholding complaint. Of course we're going to say we don't agree but that's us done too.

NorthernRockNewbie

saveupthesmiles wrote: »

Final decision from ombudsman - not upholding complaint. Of course we're going to say we don't agree but that's us done too.

Hey Smiles, Can you please please please type in word for word what their response was? I think we all know we're not getting our cases looked at on an individual level and to help any future case, showing a court we all got generic letters back would play in our favour. Also for those of us who still have our cases to be looked tabu the FOS it may open up a new line of attack / different approach which if successful would mean you could still get compensation of some kind.

Thanks in advance if you can do this.