Northern rock loan over £25,000

Hanky_Panky

dc1777 wrote: »

I love the way there are so many experts on other peoples affairs. For those who quote the "small print" argument. To clarify, I sat with one or the largest lenders who clearly stated verbally and on all paperwork that I as a consumer was protected buy a statute piece of legislation in the consumer credit act. When they are then found to be contravening the act they look for a "loophole" and tell me, "you should have read the small print" Now the boot is on the other foot. This is not a bandwagon but just reward for having the misfortune of having to deal with an irrational nationalised organisation.

How have they contravened the act ? What loophole ?

I'm not sure if you know what you are talking about.

Hanky_Panky

carlyberyl wrote: »

We have lost out financially as nram have paid out to those under £25k, we should have been treated equally.
And for the record, the majority of us are taxpayers so I believe we're refunding ourselves!

See post 784. Bonkers and ill thought out argument.

carlyberyl

Hanky_Panky wrote: »

See post 784. Bonkers and ill thought out argument.

Oh dear it appears you're only here to try and create an argument. Absolute drivel

carlyberyl

Folks may I suggest bypassing hanky panky as he/she seems to only be here to create an argument.
We all have a valid reason for being here so let's just carry on with what we came here for

Lippyx

carlyberyl wrote: »

Folks may I suggest bypassing hanky panky as he/she seems to only be here to create an argument.
We all have a valid reason for being here so let's just carry on with what we came here for

Here here!!

Bongsmon

I took out a "Together Mortgage" with Northern Rock in 2001. Over the years I then added a further £20,000 to the unsecured part of the mortgage.
However, when Northern Rock split up into its "good" & "bad" bits my mortgage got transferred to Virgin Money rather than staying with the NRAM.
Since the news story broke yesterday I've learnt that in late 2012 NRAM refunded some existing customers who had under £25k in unsecured loans.
I'm a bit baffled because my mortgage will have been effected by the same issue when Northern Rock was in its original guise but I have never received any refund be it from NRAM or Virgin Money
Is there some legal reason as to why customers whose mortgage was transferred to Virgin haven't received any refund? If not should I have received something or am I likely to receive something in the future (if any appeal is made & lost)?

Barny1979

So if you have settled your Together Mortgage and moved house since, will I have to be proactive and contact NR, also is there any way of confirming interest accrued etc definitively? I had a Together mortgage from October 2006 to September 2013, but paid off the loan element in approximately 2011 I think. Have all my paperwork etc.

Bignosher13

Barny1979 wrote: »

So if you have settled your Together Mortgage and moved house since, will I have to be proactive and contact NR, also is there any way of confirming interest accrued etc definitively? I had a Together mortgage from October 2006 to September 2013, but paid off the loan element in approximately 2011 I think. Have all my paperwork etc.

Hi Barney1979, we are in the same position as you. I'm getting a letter together to update NRAM with our new address, sooner rather than later.

The cost of the potential rebate equates to less than a tenner per person for the 29 million British taxpayers (by my maths?). I've read that the liability would not be met just from income tax. It's a High Court ruling so I've no moral guilt about a 6 grand windfall.

To our resident keyboard warrior ... I'm sure we could all meet you in person and refund you that tenner :rotfl:

Bignosher13

NorthernRockNewbie wrote: »

(Text removed by MSE Forum Team)

It is, as set out in the Defendants’ skeleton argument to which I made reference in paragraph 9 above, common ground that the agreement was not a regulated agreement, and I shall return further to address
this below. But at the outset of the hearing, after having been given, and taken, the opportunity to read the papers in the case, I pointed out to the parties that what is set out above appeared to me to constitute the clearest possible warranty that the agreement was regulated, such that, given that it was not regulated, the Claimant was in breach of that warranty. The loss suffered would thus be the sums which the Defendants would have received had it been a regulated agreement, namely the same payments as were made to those who actually had regulated agreements, referred to in paragraph 6 above. This case did not appear in the pleadings or in the skeleton arguments for either party. While reserving his client’s position as to this analysis, which seems to me to be difficult if not impossible to resist, Mr Waters pointed out that any claims for breach of warranty would, given that the warranties would have been breached, in every case, prior to 6 April 2008, and in many or most cases considerably earlier, all be statute barred (save in the case of a claimant under a relevant disability at a material time) and he had no instructions to waive such limitation defence. The consequence is, on the Claimant’s case, that the statements or assurances given in the documents set out above are of no legal effect.

In laymans terms, before both parties started putting their arguements across the Judge said "surely the fact that these agreements are so wrong wouldn't another arguement be that they all these loans are completley unenforcable?" but, since NRAM were taking themselves to court they didnt want to argue that! I wonder why!

The statement Rich Banks made that no-one had suffered financial loss is serious spin. Also, I must ask, if the Judge had ruled for NRAM would you be happy living in a world where banks can get away with lying repeatedly, over a period of many years and get away scot free? You probably would.

I so wish I could have read the unedited version NRN! The quote above about it being unenforceable is interesting and with more meat on the bones ... who knows?!!

Chrisb80

Hi all,

Great to hear that at last something is happening!

I too have spent many hours fighting this over the years to no avail. Even my FOS response was a joke!!

I am fortunate enough to have settled my mortage with NRAM inc loan and since moved house and lender.

Today I sent an email informing them of my new address (sent postal version recorded delivery too) so I would suggest that people in the same position do the same.

Wasn't expecting this to happen quite so soon, and can't see NRAM appealing either but you never know.

Hanky Panky - post your address and I will gladly post you a tenner! �� happy Christmas! ������