Northern rock loan over £25,000

gaz2180

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?

I thought the <25k's only got redress for the period of non-compliance? Something like October 2009 to Q4 2012?

Lippyx

jimbo5661 wrote: »

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

I believe they got their interest refunded, but this was because they were covered by CCA and NR had forgotten to out certain information on their statements, therefore they were found to be breach of CCA rules.

jimbo5661

Hi Lippyx, I worded my last post badly, my question should have been what sort of amount did they get? I had a £26,400 unsecured past of my mortgage and was just wondering roughly (if all goes to plan!) how much I could realistically expect as a refund?
My interest rate was 7.09% between Nov 2004 - Nov 2009 and then this dropped to the SVR (minus 0.01%!). I redeemed in May 2012. I'm no good at maths so can't work out how much interest I've paid and don't really know what period of time I need to look at. There are some conflicting reports that the period up for review may be widened? Thanks, Jimbo

Lippyx

Oh I see Jimbo. I am not sure as I think it depends on a few factors. I know it was between a particular period and I think NR knocked of the amount from existing loans, unless your loan was paid off then they sent a cheque.


If your loan was for over £25k though then you won't come under this category as your loan wouldn't have been regulated, therefore you'd be in the same boat as us.

NorthernRockVictim

It's all a bit vague, but this seems to be the general wording in the various media reports:

The offer proved attractive, but the High Court judge said documents related to unsecured loans of between £25,000 and £30,000 - taken out between 1999 and 2008 - were incorrect and customers should be paid back interest and fees.

I wonder if there is a time limit for filing a High Court appeal?

e.scrooge

NorthernRockVictim wrote: »

It's all a bit vague, but this seems to be the general wording in the various media reports:

The offer proved attractive, but the High Court judge said documents related to unsecured loans of between £25,000 and £30,000 - taken out between 1999 and 2008 - were incorrect and customers should be paid back interest and fees.

I wonder if there is a time limit for filing a High Court appeal?

It looks like its 21 days. If so that would make it 31st December

http://www.justice.gov.uk/courts/procedure-rules/civil/rules/part52#I

goaten2000

This is on their website (a link from their homepage):-

A further review in 2014 revealed that the non-compliance with CCA requirements took place over a longer period of time than we previously believed. We will therefore be writing to customers that are affected by this further review in the next few months, to outline how we will correct these issues, by providing updated account documentation for example.
The letters will provide specific details about the impact on specific loan accounts and may include an amount of redress, revised monthly payments and revised term end date where applicable.

Not getting my hopes up at all but could be a positive sign

Lippyx

I still say its not enough, especially for those (like me) who were dragged through the court by NRAM and "forced" to pay a technically unenforceable loan!!


I for one will not be satisfied with just a redress. I want them to see how this whole fiasco has affected me mentally and emotionally!


Its about time these big bully companies start to take responsibility for their poor unprofessional actions!

PAUL67

goaten2000 wrote: »

This is on their website (a link from their homepage):-



Not getting my hopes up at all but could be a positive sign

Hi,

The quote you have seen on the website is in relation to the loans under £25000 which redress have already been paid out on. Apparently the errors went back further than first thought so they are again paying redress. I was refunded in the first redress and last week received further redress.

Lippyx

PAUL67 wrote: »

Hi,

The quote you have seen on the website is in relation to the loans under £25000 which redress have already been paid out on. Apparently the errors went back further than first thought so they are again paying redress. I was refunded in the first redress and last week received further redress.

Well that's interesting!! This company never cease to amaze me!! They should have been shut down years ago!!