NRAM CCA Update

glasmale26

Got a letter form NRAM today confirming my account was affected by their CCA mistakes and that they will resend my statements within the next 12 weeks and that I would be entitled to redress of the interest charged since October 2009 to the presnet day.

All in all good news, my loan was for £90000 taken out in summer 2007 (very peak of the market! lol). The interest rate has been betwen 4.8 and 6.4% so lets say 5% roughly.

Am I correct in claculation that 5% interest on 90000 is say £4500 per year times three years so I'll be due around £13500 credit to my mortgage????

If so that would be amazing. I seem some threads saying that they wont send out cheques but at least it brings the future interest portion down and hopefully gets the mortgage out of negative equity.

Also, I fell behind with payments so had to give them a repayment plan. Is it fair for them to be affecting my credit rating in this period when in fact they owe me money?????

Leemg

I have also received this letter today, so are they saying they will not re-fund into your bank?

If not then surely they not within there rights to do so, this is money they have taken from us, surely they should re-fund it to us rather than using the money to pay off the loan???? That should be our choice, or am I missing something here????

topcatgbr

Hi

Am I missing something? Is the redress not attributed only to the unsecured part of the loan rather than the full balance of mortgage and loan?

geordiejc

Correct only fir unsecured loans

PhilJL20

Are they really in a position to refuse a refund to my bank?

MatthewB_2

Leemg wrote: »

I have also received this letter today, so are they saying they will not re-fund into your bank?

If not then surely they not within there rights to do so, this is money they have taken from us, surely they should re-fund it to us rather than using the money to pay off the loan???? That should be our choice, or am I missing something here????

The thing with this is that is that we (I'm in the same boat) haven't OVER paid anything. They simply made a mistake on statements. I think It's more than fair that it comes off our account balance. If we had been paying too much interest for example, we would be entitled to the difference as a cash refund.

My question though is weather or not this all applies to SECURED loans. I have had a letter saying my Un-secured loan is effected, but is my secured loan also in this? It is for £22,000.

Has anyone had a letter about a secured loan under 25K?

kingstreet

It applies only to unsecured loans.

http://www.moneysavingexpert.com/news/loans/2012/12/northern-rock-pays-270-m-to-150000-after-gaffe

Jem8472

I got my letter today, 4 years of interest back on my unsecured part of my mortgage, £2247.61 off the total.

It would be nice to have the cash but then again its probably better if it just come off the balance so it goes down a bit quicker.

JaneyCakeLady

I happened to be on the phone to NRAM about another matter today, and did ask about the redress regarding the unsecure loan.

In my case they said that there was a note on my account about a redress being awared, but as yet no details as to amount being returned. The agent advised that they'd been told that the final monetary adjustment was not likely to hit accounts until end of April, start of May. Which aligns to the 12 weeks as had been noted in the last letter.