Northern rock loan over £25,000

bennyboy657

Just wanted to get peoples thoughts on this.

I have a 30k unsecured loan with NR (now NRAM). i initially drew down 24k in 2007, and have drawn down the odd £1k now and then since 2007.

Because my agreement was for upto 30k, i was not entitled to the CCA payback.

I just called NRAM to draw down £1k on my unsecured, and they say they dont allow that anymore.

So i dont get any CCA payback, because my agreement was for upto 30k, nor am i allowed to borrow upto 30k as per the agreement.

Lippyx

Thought I would give yet another update.


I have made an official complaint to NRAM, as they cannot tell me if my loan of £28k, taken out in 2004 is regulated. I now know it wasn't as it was over the £25k, even though it states on the agreement that it is... possibly mis-sold??


I still can't believe that can't (or won't) even tell me if its regulated... surely a company who has lent money should know this!! Its with their "triage" team! I made the complaint in January. FOS aren't interested in taking it on.


I have also asked them for their Credit Licence Number. Now because they don't lend anymore, I have asked them for the number they had at the time of lending... again, still waiting for that info too!!


My case is slightly more complex in that I am no longer with the person I took the together mortgage out with, and he has left me with this debt (although he is still living in the house that the loan went towards!) So for obvious reasons, I am not letting this one go.


They continue to send me "arrears letters" even though I pay the agreed monthly instalments, and they agreed they wouldn't (he pays nothing) so have complained about those, which is now with FOS, and also noticed my last payment was paid towards the arrears and not the loan its self, so have complained about this too!!


All in all, NRAM are completely shocking, and do not have a clue what they are doing!!

Hanky_Panky

Lippyx wrote: »

Thought I would give yet another update.


I have made an official complaint to NRAM, as they cannot tell me if my loan of £28k, taken out in 2004 is regulated. I now know it wasn't as it was over the £25k, even though it states on the agreement that it is... possibly mis-sold?? Probably mis-bought. Did you or the joint account holder spend the money.


I still can't believe that can't (or won't) even tell me if its regulated... surely a company who has lent money should know this!! Its with their "triage" team! I made the complaint in January. FOS aren't interested in taking it on. It won't be. Join the list of complainants and wait.


I have also asked them for their Credit Licence Number. Now because they don't lend anymore, I have asked them for the number they had at the time of lending... again, still waiting for that info too!! Why ?


My case is slightly more complex in that I am no longer with the person I took the together mortgage out with, and he has left me with this debt (although he is still living in the house that the loan went towards!) So for obvious reasons, I am not letting this one go. No more complex than any other. And not that obvious either.


They continue to send me "arrears letters" even though I pay the agreed monthly instalments, and they agreed they wouldn't (he pays nothing) so have complained about those, which is now with FOS, and also noticed my last payment was paid towards the arrears and not the loan its self, so have complained about this too!! Your right to complain but I suspect you are in arrears so actually they have a duty to inform you.


All in all, NRAM are completely shocking, and do not have a clue what they are doing!!

Answered for you.

saveupthesmiles

Helpful response HankyPanky. You do realise the thread belongs to those who've 'mis-bought' as you so lovely put it. In keeping with your helpfulness, i thought I'd return the favour - it's YOU'RE when you are talking about you are, it's YOUR when it belongs to you.
*you're right to complain*

Lippyx

Probably mis-bought. Did you or the joint account holder spend the money. Technically "mis-sold" not mis-bought, as the loan was sold to us as being regulated by CCA, and actually it wasn't.

It won't be. Join the list of complainants and wait. What won't be? Won't be with their complaints team... its this sort of attitude that these big companies want their customers to have... "whats the point in complaining..."


Why ? Because if they were only licensed to lend upto £25k for the loans to be regulated, and they were lending more, then they have breached their credit licence terms with FSA!

No more complex than any other. And not that obvious either. Fair enough, maybe not that complex, but why should I just sit back and pay off the debt, whilst the "ex" sits back and enjoys what the money went on... the house!! Sorry, but think I am entitled to put up a fight?

Your right to complain but I suspect you are in arrears so actually they have a duty to inform you. I went to court, and it was agreed what my monthly payments were, which are paid on time, in full. Regarding the arrears, they have already confirmed they shouldn't be sending me these letters.


After talking to this company on a number of occasions, they don't know whether they are coming or going. Their stories change constantly.

Yes, I understand joint loans are "joint and several" and I am liable for 100% of the debt, and I understand this is a very long and possibly pointless road, BUT at least I can say I tried. And if I am successful, then hopefully it will give other people the confidence to keep on at these big companies, and to not just accept being brushed aside!

NorthernRockVictim

Lippyx, I truly admire your resolve!

I do believe that this is a kangaroo court, in that NRAM being state owned is having its actions ratified by another government body.

There lies the problem IMHO.

Lippyx

NorthernRockVictim wrote: »

Lippyx, I truly admire your resolve!

I do believe that this is a kangaroo court, in that NRAM being state owned is having its actions ratified by another government body.

There lies the problem IMHO.

And that's why FOS don't want to know, coz they will be dropping the government right in it, therefore, anyone who is affected must stand their ground!!


If you ask me, it all smells fishy!! All I want to know is "is my loan regulated?" and they cannot even give me a straight YES or NO. That to me speaks volumes!! And why on earth, if everything was correct, would they have a dedicated team looking into this query??


I know I am probably fighting a losing battle, but what have I got to loose?


I have just successfully sued Volkswagen for "mis-selling" me a car, something I done myself, with no solicitors and represented myself in court, and won. That just proves anything is possible, if you get the right information together!!

NorthernRockVictim

I wish you good luck lippyx!

I have said this before, but what this really needs is exposure through the media, Watchdog, Press or even demonstrations outside Downing street. Its corrupt and illegal but kept silent!

If they continue to not answer your simple question then Watchdog would be very happy to ask it for you, I am certain. That's what they are very good at.

antrobus

Lippyx wrote: »

.....Why ? Because if they were only licensed to lend upto £25k for the loans to be regulated, and they were lending more, then they have breached their credit licence terms with FSA! ....

You misunderstand. Companies in possession of a credit licence can lend any amount they want. CCA regulations only apply where the company agreed to lend less than £25k.

Lippyx

NorthernRockVictim wrote: »

I wish you good luck lippyx!

I have said this before, but what this really needs is exposure through the media, Watchdog, Press or even demonstrations outside Downing street. Its corrupt and illegal but kept silent!

If they continue to not answer your simple question then Watchdog would be very happy to ask it for you, I am certain. That's what they are very good at.

Yep, Watchdog are my next point of contact. Its a simple question, that ANY loan can answer without hesitation!!!


I agree, its needs exposure for them to sit up and respond!!!