Northern rock loan over £25,000

NorthernRockVictim

This would be more like a true statement:

The NRAM Board has considered the impact of the judgment and after taking into account legal advice and wider political factors, has decided to seek leave to appeal to obtain legal clarity and secure a fair outcome for both customers and taxpayers.

carlyberyl

The customers they have shafted are taxpayers...! Grrrrrrr

lynchylad11

Does anyone on this form know when the period of non-compliance occurred? Was it from 2008 to date?

si2winit

Can someone explain to me what this leave of appeal is?

Is this just basically extending the duration of time in which they can lodge an appeal? And in that case, 15 months and then decide not to appeal anyway!

This is a joke. An absolute joke.

What would happen if leave of appeal is rejected?

NorthernRockVictim

Basically, applying for leave to appeal is asking the court's permission to be able to appeal, rarely will they refuse that, but the process could take up to 4 months. If they are granted permission, then the appeal process will commence which could take anything up to 18 months. Everything in the High Court of Appeal is very slow and extremely expensive.

spiritless

Well I can't say I'm surprised but I am annoyed. We've still got 26k outstanding but that will be paid off over the next 2 years- if we settle the account before this is all tied up, will be due any redress?

fraaaaanka

spiritless wrote: »

Well I can't say I'm surprised but I am annoyed. We've still got 26k outstanding but that will be paid off over the next 2 years- if we settle the account before this is all tied up, will be due any redress?

The period of 'non compliance' to the cca regulations relates to interest payments made to unsecured loan aspects of the together mortgages occurred between April 2008 and late 2012 and for that period INTEREST PAYMENTS (so not the full monthly payment just the % that was interest as the remainder came off the balance) may be refunded.
I imagine if you have a remaining balance of say 20k the refund would be deducted off this balance.
If you have cleared the unsecured loan the payment would be refunded to you (I don't think they could use it to pay down a mortgage balance as that is a separate agreement)

So in short yes you would get redress if your unsecured loan is paid off before these matters are finalised.

NorthernRockVictim

April 2008 and late 2012

If the interest redress period ended late 2012, then why did the judge inform NRAM to put aside £3m per month for interest payable to their affected customers? Don't quite understand the logic here, sorry!

benrussell

NorthernRockVictim wrote: »

If the interest redress period ended late 2012, then why did the judge inform NRAM to put aside £3m per month for interest payable to their affected customers? Don't quite understand the logic here, sorry!

It's because 'redress' involves putting the customer back in the position they would have been in had they not had to pay the interest which means NRAM paying interest on those interest payments. With PPI claims it was 8% interest so I imagine it may be the same, although the calculations can get complicated.

spiritless

fraaaaanka wrote: »

The period of 'non compliance' to the cca regulations relates to interest payments made to unsecured loan aspects of the together mortgages occurred between April 2008 and late 2012 and for that period INTEREST PAYMENTS (so not the full monthly payment just the % that was interest as the remainder came off the balance) may be refunded.
I imagine if you have a remaining balance of say 20k the refund would be deducted off this balance.
If you have cleared the unsecured loan the payment would be refunded to you (I don't think they could use it to pay down a mortgage balance as that is a separate agreement)

So in short yes you would get redress if your unsecured loan is paid off before these matters are finalised.

We'd hoped we'd get a bit off the balance to help us pay it off but in any case the mortgage will be gone as soon as the unsecured loan has been paid!


Sadly, our interest is around £100 a month currently and was higher while we were on a fixed rate. While it would be a nice lump sum should we get a pay out, sounds like I shouldn't be holding my breath!