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Northern rock loan over £25,000

edited 30 November -1 at 1:00AM in Loans
1.9K replies 430.2K views
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  • edited 16 January 2015 at 11:44PM
    Fizzy_FishFizzy_Fish Forumite
    43 posts
    edited 16 January 2015 at 11:44PM
    Dave-80 wrote: »
    From the correspondence I had with NRAM over the years and the evidence which I've given to the FOS - They didnt change any of the loan statement documentation for us over £25K and one of the latest statements I had even included a statement that said "not all information may be showing on the statement and you should request this if you require it". I did request it but they never sent it. As they were playing down that loans over £25k were not CCA, they took all info off from the statements mentioning anything to do with CCA. This means that all loans over £25k are still non CCA compliant and this is where they will still have interest being accrued.

    They did seem to have amended our statements to meet the revised criteria from Dec 12. THere were a couple of omissions around the total amount of credit and agreement duration, but apparently these were not required to be implemented for existing agreements until 2018 - though they did have to say that this could be provided within. 15 days on request (which they have included - though sounds like they haven't adhered to in practice!)

    My main complaint with the revised statements is that they continued to say that the loan was CCA regulated while NRAM insisted in other correspondence that they weren't.

    Did your statements not change at all from 2011 to 2012?
  • edited 17 January 2015 at 12:27AM
    Fizzy_FishFizzy_Fish Forumite
    43 posts
    edited 17 January 2015 at 12:27AM
    I've been looking through the legislation chane in more detail to get a sense of the dates involved.

    The CCA changes were to be implemented from:

    - 1 Oct 08 for new agreements

    - For agreements already existing at that date, the statement changes should have been applied to the next statement, which should be within 12 mths of 1 Oct 08.

    In my case, the first statement received under the new rules was in Jan 09 (for Sep-Dec 08), so presumably this is where any compensation should go back to.

    I suspect this is also why there has been additional compensation paid to under £25k loan holders recently. Essentially they applied compensation from Oct 09 (which may have been correct if you were receiving annual statements), but have now had to pay for the previous year or so for those who in fact received non-compliant statements before then.
  • IainHLIainHL Forumite
    189 posts
    Seventh Anniversary Combo Breaker
    Fizzy_Fish wrote: »
    I suspect this is also why there has been additional compensation paid to under £25k loan holders recently. Essentially they applied compensation from Oct 09 (which may have been correct if you were receiving annual statements), but have now had to pay for the previous year or so for those who in fact received non-compliant statements before then.
    A cunning deduction there FF, and I suspect you may well be right. I did try to get MSE news to investigate the details of this "extra redress", but it seems they weren't interested.
  • IainHL wrote: »
    A cunning deduction there FF, and I suspect you may well be right. I did try to get MSE news to investigate the details of this "extra redress", but it seems they weren't interested.

    Yep, I tried too - same result. This is all so cloak and dagger!
  • Head over to the following webpage (not able to post links)


    justice.gov.uk/courts/rcj-rolls-building/court-of-appeal/civil-division/case-tracker

    Click on Access the Case Tracker System (in the body of the page) then type in 20150150 in the box provided and you will see the hearing status window etc.

    Note that they are also seeking an expedited hearing!
  • LippyxLippyx Forumite
    191 posts
    Do I read that right? They are appealing and have between March and April to do so??
  • Lippyx wrote: »
    Do I read that right? They are appealing and have between March and April to do so??

    The hearing could take place any time between the dates shown......all we can do is keep checking for updates.
  • edited 19 January 2015 at 11:32PM
    NorthernRockVictimNorthernRockVictim Forumite
    164 posts
    edited 19 January 2015 at 11:32PM
    That's a definite £15m risk of our money as tax payers. Should chancellor Osborne not have a say in such a decision? After all he recently said that by 2020 the UK will probably be the wealthiest country in the world, his plan may not work if his minions keep gambling away the money he's saving by extreme austerity measures!
  • edited 19 January 2015 at 8:38PM
    Fizzy_FishFizzy_Fish Forumite
    43 posts
    edited 19 January 2015 at 8:38PM
    That's a definite £15m risk of our money as tax payers. Should chancellor Osborne not have a say in such a decision? After all he recently said that be 2020 the UK will probably be the wealthiest country in the world, his plan may not work if his minions keep gambling away the money he's saving by extreme austerity measures!

    He's certainly not going to like it if they have to pay out in full to us that's for sure!

    I'm still curious to know who stuffed up at N Rock/NRAM. If you think about it there would have been a few people max who essentially had responsibility for the compliance/admin. Half a billion pounds worth of stuff up anyone? Talk about a bad day in the office!

    Interesting that NRAM are requesting an expedited hearing, I'd imagine that the massive amount of interest racking up each month will be a key part of their argument for this.
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