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Northern rock loan over £25,000
Comments
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Is there anyone else in the same boat as me?
I can't see that the fact they used CCA1974 to take action against people with unsecured loans over £25k is going to stand them in good stead in the High Court. (Well, at least I can hope it won't.)0 -
Just came across this Deloitte report highlighting errors by NRAM. Can anyone make heads or tails of what this means in layman terms for anyone with loans over £25,000?
http://www.ukar.co.uk/~/media/Files/U/Ukar-V2/Attachments/press-releases/project-spice-deloitte-summary-report.pdf0 -
There is at least one person who posted earlier in this thread who was taken to court under CCA1974 provisions for non-payment of the unsecured loan, and ended up with a charging order. I am sure there are probably many others.
Yes, I was taken to court by NRAM, and originally they wanted to make me pay £300 a month. Judge said that was a stupid amount and lowered it to £200. That was two years ago, and I haven't missed one payment... BUT it turns out now, that actually they have been over charging me!! They said the monthly instalment was £224 a month, and turns out it was actually £122 a month!!! They tried to fob me off with a £750 good will gesture, but I have turned them down... they obviously do not realise what stress they have put me through over the last few years with threatening letters and screwing up my credit rating, not to mention the money I have over paid!!!
I know people will say "but the money has come off the debt" but I would rather that extra money be in MY account... I only want to pay them as little as I can, whilst I am looking into this CCA issue.
Word of warning, NRAM are sneaky f***ers too!! I have two complaints with them, and they have tried to merge them into one complaint, and then offered me the £750 good will gesture. If I accepted it, both complaints would be closed. They also tried to blame FOS, not realising I had already discussed this merge with FOS, who were unaware of the other complaint!! Watch them like a hawk!!!!0 -
Spamtastic!!!!0
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So another update, in case anyone is still following this thread!!
I have had a letter from NRAM stating my loan is NOT regulated. I finally got a name and number at NRAM who is dealing with my complaint directly, and I explained to him the situation, and how I feel I was mis-sold the loan as being regulated, when actually it isn't.
(FOS are still dealing with my complaint regarding the threatening letters and payment c*ck ups)
Got a letter from NRAM saying they feel I have NOT been mis-sold, as I haven't shown that I was forced into the agreement, and because I have shown no evidence, they do not accept the loan was mis-sold.
Well, if they wanted evidence, they only had to ask... I have the original loan agreement stating at the top "Regulated by the CCA 1974", and the letter from them saying the loan isn't regulated. They also say because THEY didn't sell the mortgage/loan to us, but the mortgage company did, they cannot be held responsible for mis-selling (?). I have sent these to the FOS along with the latest letter.
I have now also contacted the solicitor who we instructed to go over the agreement, before signing it, as they should be held liable too... after all, its them you pay to check these agreements are sound, and you are protected! They were shocked to say the least when I called them. They are looking into it, and I am waiting for a call back.
By the looks of it NRAM are getting nervous and are clutching at all the straws they can to shake me off, but trust me, I plan to stick it out til the end with this one!!!
My next word of advice.... contact the solicitor who checked your agreement... they should have picked up on this. Again, you have to complain to them first before you can take it to the SRA (Solicitors Regulation Authority).0 -
Thanks for the update. Will also contact my solicitor0
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Still not heard back from the solicitor.... I will give them until Monday!!0
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There is at least one person who posted earlier in this thread who was taken to court under CCA1974 provisions for non-payment of the unsecured loan, and ended up with a charging order. I am sure there are probably many others.
Yes, I was taken to court by NRAM, and originally they wanted to make me pay £300 a month. Judge said that was a stupid amount and lowered it to £200. That was two years ago, and I haven't missed one payment... BUT it turns out now, that actually they have been over charging me!! They said the monthly instalment was £224 a month, and turns out it was actually £122 a month!!! They tried to fob me off with a £750 good will gesture, but I have turned them down... they obviously do not realise what stress they have put me through over the last few years with threatening letters and screwing up my credit rating, not to mention the money I have over paid!!!
I know people will say "but the money has come off the debt" but I would rather that extra money be in MY account... I only want to pay them as little as I can, whilst I am looking into this CCA issue.
Word of warning, NRAM are sneaky f***ers too!! I have two complaints with them, and they have tried to merge them into one complaint, and then offered me the £750 good will gesture. If I accepted it, both complaints would be closed. They also tried to blame FOS, not realising I had already discussed this merge with FOS, who were unaware of the other complaint!! Watch them like a hawk!!!!
Hi, can you let me know how you realised you were being overcharged and how they worked it out please? Very interested in this thread, we too are still trying to make a dent in our unsecured loan even though our house sold 7 years ago 😢0 -
By the looks of it NRAM are getting nervous and are clutching at all the straws they can to shake me off, but trust me, I plan to stick it out til the end with this one!!!
I'll be interested to see how you prove that the loan was mis sold.
What was the purpose of the original loan consolidate existing debt?0 -
Brownowl... They told me they had been charging me too much! I complained as they kept sending me threatening letter about the payments, even though I hadn't missed any! Eventually they admitted they had be charging me too much, and actually what I was paying each month was enough! They totally screwed up my credit rating, meaning I have struggled getting credit and cannot get another mortgage and caused me 2 years of upset and stress.... Apparently £750 is enough for all the stress etc caused!!0
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