Northern rock loan over £25,000

Bignosher13

NorthernRockNewbie wrote: »

Hi All,

A lot of you will have seen from my previous posts that I have been rather active on this board and been doing an awful lot of legwork and investigation (much of which I haven't reported on given the sensitivity).

I want you all to know that MSE news team have contacted me (after failing to do so on two previous occasions regarding this story) and have asked that I email them the various documents and information I have which puts some real meat on the bones of the recent news and would give Martin Lewis some real hard-ball questions to pose to Northern Rock.

I have explained to MSE that I am not simply prepared to offer up these documents on an email without certain reassurances which they seem reluctant to provide.

For this reason I'm going to now politely bow out of further posts on from here in favour of twitter.

I too would like to thank you for your ongoing efforts NRN and hope your information gets full and honest exposure. It's frustrating that media outlets seem reluctant to go out on a limb and reveal all?

NorthernRockVictim

TonyScouser wrote: »

Without searching all over the place would i be right in saying that i got a £20,000 10 years ago i'll not got anything back as it had to between £25-£30k ???

The < 25k individuals were compensated in the first round, hence this thread. Ask NRAM and you should receive compensation provided your loan fits the compliance requirements.

tinystar2001

TonyScouser wrote: »

Without searching all over the place would i be right in saying that i got a £20,000 10 years ago i'll not got anything back as it had to between £25-£30k ???

Not necessarily... We borrowed £23k, but because we had an agreement stating we could draw down up to £30k, we were deemed to be in the over £25k category, so did not receive compensation in the first round. No doubt they'll try to use the argument the other way round now though!

NorthernRockVictim

tinystar2001 wrote: »

Not necessarily... We borrowed £23k, but because we had an agreement stating we could draw down up to £30k, we were deemed to be in the over £25k category, so did not receive compensation in the first round. No doubt they'll try to use the argument the other way round now though!

OK - Understood but the recent High Court decision makes it ubundantly clear, so those less than, equal to, or more than 25k either have been or will now be compensated, but as I previously said, subject to the specified terms of your own personal loan agreement. And of course subject to the outcome of a successful NRAM appeal case.

Also, I should add that the compensation is not limited to those with the Together product, it will also affect those who took out additional secured mortgage loans where the appropriate terms were applied.

tinystar2001

Our agreement stated it was regulated by the CCA and has been all the way through the complaints procedure, mainly on the basis of the fact that we never requested, or borrowed, more than £23k, but we have been told at every stage our agreement was for over £25k and therefore was in the wrong bracket, which means the current ruling should definitely apply. As I said, I'm sure they'll try to find done way to wriggle out of it though! Hope everyone managed to get what is owed, without too much hassle!

IainHL

jimbo5661 wrote: »

The above is subject to an unsuccessful appeal (don't tempt fate!)

The media have mentioned an average payout of £6k. What is this based on? I had an unsecured loan of £26,400 in 2004 and redeemes in 2012.

What refund did people with just under £25k get?

I'm not near my paperwork at the moment, so can't recall the interest rate, however using 4.74% on £25k for 3 years gives £3,555. (The period of non-compliance being from October 2009 (one year after the new legislation took effect) until revised, correctly worded statements were issued in the last quarter of 2012.)


On the other hand the portion of my monthly payment to the unsecured loan is around £170, and that gives £6,120 over 3 years.

Bigjazzy

Hi all

Can someone clarify a few things please. If the loan was redeemed in July 2009, then am I right in assuming there is no recourse offered?

Also checked my paperwork and as part of the Together morgage was a Secured Personal Loan, again redeemed in July 2009, so there wouldnt be any recourse?

I was one of the people that tried to complain to the FSA a few years ago and they refused to accept my complaint on the basis NR had got a judgement against me.

I tried to appeal the judgement and Nram solicitors came and defended the action claiming they followed the correct CCA protocols to get the judgement against me. They then go and defend their own court claim that this indeed isnt a CCA loan.

The judge I had was anti me from the start and would not accept what NRAM had on their website that this wasnt a CCA loan and theie lawyer was arguing that it was a CCA loan?

How do stand a chance against such a corrupt system!

Thanks for the help.

NorthernRockVictim

As I understand, the compensation if paid will be all interest and fees paid from the commencement of the loan until the day of compensation, is that correct?

poggs

NorthernRockVictim wrote: »

As I understand, the compensation if paid will be all interest and fees paid from the commencement of the loan until the day of compensation, is that correct?

Wow if thats the case.

I've had a 30k loan since 2004. Ive paid 21k in total but only 7k has come off the total and I currently owe 23k..

Does this mean im in line for 14k back?

NorthernRockVictim

poggs wrote: »

Wow if thats the case.

I've had a 30k loan since 2004. Ive paid 21k in total but only 7k has come off the total and I currently owe 23k..

Does this mean im in line for 14k back?

My situation is identical to yours, so we shall see. I belive that's what happened to the <25k individuals.