MSE News: Northern Rock told to refund 40,000 over incorrect loan documents

jimbo5661

I tried to work it out but failed!
I'm not sure of the exact dates under review & it would depend on what rate you paid. I had £26,400 initially at a rate of 7.09%, which dropped to the SVR in Nov 2009. My maths GCSE from 1993 isn't helping work it out!
I'm hoping we get something though as in her head my parter has spent quite a bit already!!

gwc1980

tomtontom wrote: »

I'm a tax payer. Can I have some money too please? Or don't I qualify because I bothered to save up a deposit before buying my home?

The issue isn't whether you bothered to save up a deposit but well done for that, the issue is with the way nram was/is run and how their customers have been treated!!!

Hanky_Panky

gwc1980 wrote: »

The issue isn't whether you bothered to save up a deposit but well done for that, the issue is with the way nram was/is run and how their customers have been treated!!!

It certainly isn't as no-one has been negatively affected at all. It's just a compo bandwagon as I have previously mentioned.

RedOctober444

I took out an unsecured personal loan in February 2004 with Northern Rock. I requested a copy of my contract in 2011 as I wanted to see if I had claimed PPI. The copy sent to me was fairly bad and grainy. It is only one page long which at the time I found strange.

My loan amount was over £22, 000 and the total charge for credit amount over £8,000.

By 2005 I could not continue to pay and signed up to a debt managment agency and I am now paying more than the original agreement. I am still paying this off to this day.

I am still trying to determine if this copy I received is accurate because it is bizzare that a loan agreement would be just one page long. Plus it did not even have printed the name of my bank and address at the time.

I even rang them as well and they said I did not ask for PPI.

I now have a CCJ to my name.

Is there anything I can do?

PinkNeon

Hi is there anything I should be doing to appeal with the unsecured loan element? Thanks

curlybun

We had a together mortgage from 2005 to 2008. In 2013 we received a payout from NRAM because the original loan amount was not stated on statements. The period of non compliance was from 2008 to 2012.

In light of the high court ruling on wording used about loans that were CCA governed in December 2014 regarding Northern Rock together mortgages and the unsecured loan element of under £25k from 1999 - 2008 should we be looking at redress for this also?

Can anyone confirm if this redress was due only for those who were in arrears?
Thank you.

julieb2014

Can anyone tell me if there is a letter format we can use to contact northern rock regarding claims for the Together mortgage product please:j

keg1keg

There's no point in writing to them, it'll be going to the court of appeal soon and a decision will be made. The findings will be published probably July.
Fingers crossed all x

michaelquelch

I have also had major issues with northern rock and just got out of the together mortgage last November, we paid in the 10,s of thousands in interest and because of our nievity when we went to buy our house and we thought that mortgage lenders had to comply to rules we would be OK. No one fully explained the together product properly to the buyers namely if you want to sell your house you will end up with huge interest rates on the unsecured loan. This was why we ended up having to sell our house and we are trying to save up to try to buy again in the future. Has anyone got a template complaint letter as I feel that I need to challenge this, the fact that when we applied for the mortgage we were told the insecure loan would be about 10k, then when the paper work came back it was 25.5k and we were told you can either take it or leave it. The house only cost 87k!!!! If I could go back I would have told them to stick it up there !!!!!! And yes they may now be in the hands of the tax payer but they need to be held accountable for the stress and hardship people faced because of there shoddy sales tackticks that's why we have the FSA and regulations to protect us little people.

MarcoG

Does anyone have an update on this case. I'm anxiously waiting for the outcome. Me and my wife were first time buyers and used the loan to pay off some debt and renovate our first home it was only when we sold and bought a new house the payments shot up but the balance has barely lowered from the original amount worked out if I continued to pay the monthly amount for the term I would have paid back £80k+ for a £29k loan.