Northern rock loan over £25,000

Lippyx

antrobus wrote: »

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.

OK, misunderstanding understood, but they still had agreements that state they are regulated, when they weren't, and I think FSA would still like to know, would you agree?

Dave-80

Dave-80 wrote: »

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 In such a case, the Act regards the earlier agreement as having been revoked and replaced by a new agreement which incorporates the terms of the earlier agreement.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.

I got their final response the other week from their legal team which says they do not believe the changes are classed as an amendment, they acknowledge it has taken them longer than anticipated to get an answer to me and they have offered me £100 as way of compensation for the delay. After reviewing the acceptance letter for claiming the £100 it says by signing I can have no further claims regarding the complaint. So I have sent the response and my complaint to FOS to see what they say about the bribe from NRAM.

NorthernRockVictim

Dave-80 wrote: »

After reviewing the acceptance letter for claiming the £100 it says by signing I can have no further claims regarding the complaint.

That is a massive leap forward, because what "further claims" are they expecting or even possible if they are squeaky clean, perhaps you should ask them precisely what further claim options they are concerned about?

Downing Street or Watchdog I still say will bring NRAM down. Put simply they have broken the law yet being protected by the civil servants whom we pay large salaries to for upholding the law.

If this were one of the non bailed out banks then it would have been finished months ago!

Lippyx

Dave-80 wrote: »

I got their final response the other week from their legal team which says they do not believe the changes are classed as an amendment, they acknowledge it has taken them longer than anticipated to get an answer to me and they have offered me £100 as way of compensation for the delay. After reviewing the acceptance letter for claiming the £100 it says by signing I can have no further claims regarding the complaint. So I have sent the response and my complaint to FOS to see what they say about the bribe from NRAM.

Interesting!!! I have never received an updated loan agreement/amendment, and if they sent it to my ex's house after I had left, surely they would need BOTH signatures as its a JOINT loan? I have never re-signed anything from them.


I would be interested in what FOS say, as when I first complained to them, they said regardless of whether the loan was regulated or not, I would have signed it... well, actually, they should have never offered the loan in the first place if it wasn't regulated??


My argument is they sold the loan to me as regulated, and it wasn't and they knew it wasn't, but still sold the loan.


I have never received any form of response regarding the loan or the regulation, and have just been fobbed off with "its with our triage team, who are unavailable at the moment" and been promised call backs which have never happened!!


When I complained about the constant threatening letters I was getting, regarding arrears (which weren't meant for me, according to them), they too offered me £100 for the stress they caused. They said if I accepted it, that particular complaint would close. I accepted it, and then a month later I got yet another threatening letter, with the same content, so now the complaint is re-opened, and now with FOS as NRAM "cannot find a solution to my complaint"... seriously!!!??


Please keep us informed with what FOS say, as I would be very surprised if they took your complaint on, being government run themselves!!

Lippyx

NorthernRockVictim wrote: »

That is a massive leap forward, because what "further claims" are they expecting or even possible if they are squeaky clean, perhaps you should ask them precisely what further claim options they are concerned about?

Downing Street or Watchdog I still say will bring NRAM down. Put simply they have broken the law yet being protected by the civil servants whom we pay large salaries to for upholding the law.

If this were one of the non bailed out banks then it would have been finished months ago!

I couldn't agree more!! Maybe their walls are finally beginning to crack!!!


I am now going to be contacting Watch Dog... After speaking with my local MP about this, I fear Downing Street will be as useful as a chocolate teapot with this matter?


This is what we all need to do, keep at them, call them at least once a week. Most of all, research... Google has loads of info and press releases etc. about this shocking company. I have learnt so much, that if I had known it sooner, I probably could have avoided all that I am going through now!!


They need to know we are not going to cower in a corner!!!

NorthernRockVictim

Lippyx wrote: »

they too offered me £100 for the stress they caused.

Perhaps if we all keep onto them daily we could get enough £100's to clear our loans off

Lippyx

NorthernRockVictim wrote: »

Perhaps if we all keep onto them daily we could get enough £100's to clear our loans off

Exactly what I thought!!!

NorthernRockVictim

Good luck with Watchdog, your main point should be that they will not answer your simple YES/NO question!

antrobus

Lippyx wrote: »

OK, misunderstanding understood, but they still had agreements that state they are regulated, when they weren't, and I think FSA would still like to know, would you agree?

The FSA no longer exists. And I think its FCA/PRA successors are already aware of the issue. I don't believe that pursuing that point with either of those bodies is necessarily going to get you anywhere.

Lippyx

antrobus wrote: »

The FSA no longer exists. And I think its FCA/PRA successors are already aware of the issue. I don't believe that pursuing that point with either of those bodies is necessarily going to get you anywhere.

Yes, sorry, FCA. You are probably right, but I think persistence pays off, and even if it doesn't, at least its a route I have tried.