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Northern rock loan over £25,000

edited 30 November -1 at 12:00AM in Loans
1.9K replies 430.7K views
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Replies

  • BTW I just got a reply from NRAM to my email - it just seems to be a standard response, but hopefully with a few of us contacting them this has put the over £25K issue on their radar. Full text:

    Thank you for your email following the recent announcement regarding loans that are regulated by the Consumer Credit Act (CCA).

    At this time we are not able to give you any further information about the situation.
    We are currently undertaking a thorough review of all documentation sent to customers who hold loans that are regulated by the Consumer Credit Act (CCA).
    Once we fully understand the situation, in terms of who is affected and in what way, we will write to those customers with an update. We will do this in the next eight weeks.

    In the meantime, our websitewww.nram.co.uk will be updated regularly with all the latest information for our existing and redeemed customers.http://www.nram.co.uk_/

    Please note: if you hold an unsecured personal loan with a 16-digit account number, we can confirm you are NOT affected by this issue
  • rmartrmart Forumite
    43 posts
    Fizzy_Fish wrote: »
    BTW I just got a reply from NRAM to my email - it just seems to be a standard response, but hopefully with a few of us contacting them this has put the over £25K issue on their radar. Full text:

    Thank you for your email following the recent announcement regarding loans that are regulated by the Consumer Credit Act (CCA).

    At this time we are not able to give you any further information about the situation.
    We are currently undertaking a thorough review of all documentation sent to customers who hold loans that are regulated by the Consumer Credit Act (CCA).
    Once we fully understand the situation, in terms of who is affected and in what way, we will write to those customers with an update. We will do this in the next eight weeks.

    Please note: if you hold an unsecured personal loan with a 16-digit account number, we can confirm you are NOT affected by this issue

    Excellent, so they dont know who is affected yet. I'll bet they are looking at the paperwork for those over £25k now and realising they made a huge !!!! up there.
  • rmart wrote: »
    Thinking about it more, I want the loan written off !.

    In an age of mis selling scandals, surely if a bank incorrectly signs someone up for a loan on CCA protected terms they would have to stand by it or cancel it ?
    Surely they cannot decide later they are not giving that protection to an unaware customer?

    If they say this to me I will say they have breached the contract and demand back all payments made to them.



    And there we have it. Greed!

    Happy to take the money, now want to wriggle out of paying it back
  • edited 14 December 2012 at 2:27PM
    rmartrmart Forumite
    43 posts
    edited 14 December 2012 at 2:27PM
    Greed ? How does 13% interest sound ? Northern Rock are the ultimate greed machine.

    And why are you bothered ?
  • Northern rock have been a law to themselves, never wanting to help a customer out!
    Like many we listened to financial advice given by an advisor, said the together mortgage was the best for us! We were young and thought we were being responsible by taking this advice.
    Fast forward a few years, were informed by NR that our mortgage payments were going up by £300 a month due to end of fixed rate. Tried to remortgage with them, wouldnt let us. Put house up for sale, had a mortgage in principal to move, then they turned round at the last minute and said they wouldn't lend to us.
    Had no choice but to go with another provider, bumped the unsecured payment up by £250 a month.
    Wound up paying the ERC at almost £4k as we had to change provider. Couple of weeks later they wrote to say there had been a mistake on their part, they hadn't charged us enough and there was a shortfall of £700. They became very rude when we rang up and said if we didnt pay the shortfall they would refuse to release the deeds to the property we had sold! Pickle or what! Ended up also paying that amount. Had to sell house, pay £4k then another £700 :(
    Then recession hit literally weeks later and lo and behold our mortgage payments would have dropped by a huge amount, so we could have stayed in our lovely home after all.
    Northern rock never once tried to help us out, very unsympathetic, rude most times!
    I think for a lot of us its not about greed its about fairness, when we owe them money theyre quick to be on to claw it back but now theyre the ones thats in difficulty why shouldn't we get back what rightfully should never have been taken from us? Myself and my partner are both taxpayers too.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • As it has been said already, any compensation will come out of the tax payers pocket, of which i am one.

    No one was forced to sign up for these loans against their will. An interest rate is what someone is willing to lend you the money at, the choice is the borrower whether to take it or not.
  • Fizzy Fish, I've had exactly the same reply from NRAM.

    To the posters saying those seeking refunds are just being greedy or whatever:

    To a small extent you have a point. I think it's fair to say that that the majority of us hate the whole 'no win no fee' type culture. However, If people with loans under £25,000 are getting refunds because of the technicality of the original loan amount not being printed on their statements (and despite in no way being out of pocket), it is only natural for those of us with loans over £25000 to look into the matter. Surely anyone would do the same, wouldn't they?
  • Well were tax payers so were possibly giving ourselves a refund then!
  • rmart wrote: »
    Original sum borrowed.

    That's a shame!

    Since 2004 I took out another 17k in two further advances, one in 2005, the other in 2006. Will these have been secured? Will these have been affected?
  • We took out a £25K unsecured loan as part of our together mortgage in June 2007 but then increased it 3 months later to £30K. Do you think this will mean it is protected by the CCA because the original loan amount was not over the limit? I'm not holding my breath but I can't help but hope! What do you think??

    I spoke to NR's dedicated telephone line for the CCA loan issue. They couldn't confirm anything about my specific circumstances and said I'd just have to wait and see if I receive a letter, however, I asked a couple of general questions.

    I asked about what happens where the original loan was £25K and then later upped to £30K and he thought that they may have been treated like 2 separate loans and therefore both be regulated.

    Then I asked about the situation for loans over £30K that were signed up as regulated under the CCA and he thought that they would have to be treated the same as the others.

    To be honest the bloke was probably just giving my his personal point of view but it gives me a little bit of hope!
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