Northern Rock Secured Loan - Interest Payments

tquarter

Ok guys so I'll be the first to admit over recent years due to illness, divorce and some denial I haven't always kept up with knowing my finances. I am almost debt free now :j and it is time to concentrate on my mortgage.

I have been going through my paperwork from Northern Rock (my mortgage provider since Sept 2005) and have discovered that in October 2009 I stopped paying interest on a secured loan for £15k.

They say I am not liable to pay any interest or charges starting 1st October 2009 because previous statements did not comply with sections 77a of the Consumer Credit Act 1974.

I'm not knocking this brilliant turnaround of fortune and events which helps me tremendously... but I do wonder why from the 1st October 2009. Where there some regulations brought in at this time? Would it be far too much to ask that previous interest paid would be reimbursed?

tquarter

BTW... I couldn't make up my mind whether this belonged here or on the Loan board... please do move it if it is the wrong place. Thanks

Rafter

This was the date that Northern Rock was transferred to NRAM after the rescue.

They messed up the paperwork and statements during the transfer which means the interest and charges from that point could not be enforced - lucky you.

Don't think you will have any luck before the 1 October 2009 date though - the loan (and interest and charges) was enforceable before that date.

R

tquarter

I can live with that and explains why that date. Just seemed strange.

Thank you Rafter